60,000 understated; Depreciation expense 60,000 understated; Insurance expense 100,000 overstated; Prepaid insurance 100,000 understated; YEAR 2021 - Ending inventory 150,000 overstated; Insurance expense 100,000 understated. On Decem
Shannon Company began operations on January 1, 2020. The financial statement contained the following errors: YEAR 2020- Ending inventory 160,000 understated;
a. 100,000 over
b. 100,000 under
c. 200,000 over
d. 200,000 under
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