Scruffy Brothers Supply does a physical inventory count when the business is closed at the end of each quarter. At the end of the first quarter in 2020 Scuffy Brothers Supply discovers that it has overvalued their inventory due to an honest miscounting error by $150,000. In other words, the value of their inventory was overstated by $150,000. Make the necessary entries to correct this error at the end of the quarter. Think through the impact this incorrect valuation has on the company's financial statements and make the necessary adjusting entries: (a) Debits Credits (b) Debits Credits