Armstrong Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/14 and 12/31/15 contained the following errors:
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Armstrong Inc. is a calendar-year corporation. Its financial statements for the years ended 12/31/14 and 12/31/15 contained the following errors:2014 2015Ending inventory $25,000 overstatement $40,000 understatementDepreciation expense 10,000 understatement 20,000 overstatementa.) Assume that the ...
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