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During the taking of its physical inventory on december

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1. During the taking of its physical inventory on December 31, 2010, Euro Bath Company incorrectly counted its inventory as $496,000 instead of the correct amount of $480,000. Indicate the effect of the misstatement on Euro Bath's December 31, 2010, balance sheet and income statement for the year ended December 31, 2010.

Reference no: EM131122978

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