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Several years ago, the financial statements of Montgomery Greeting Cards, now part of Nation Salutations, contained the following note: On July 1, the Company announced that it had determined that the inventory...had been overstated.... The overstatement of inventory.was $8,886,000 Montgomery Greeting Cards reported an incorrect net income amount of $25,822,000 for the year in which the error occurred and the income tax rate was 36.80 percent. Required 1. Compute the amount of net income that Montgomery Greeting Cards reported after correcting the inventory error Corrected net income10.703.552