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State the effect of the error on the income statement of

1. Montana White Water Co. sells canoes, kayaks, whitewater rafts, and other boating supplies. During the taking of its physical inventory on December 31, 2010, Montana White Water incorrectly counted its inventory as $315,600 instead of the correct amount of $325,000.

a. State the effect of the error on the December 31, 2010, balance sheet of Montana White Water.

b. State the effect of the error on the income statement of Montana White Water for the year ended December 31, 2010.

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