5. Two separate errors affected Colomba Company in 2021. The beginning inventory was overstated by...
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5. Two separate errors affected Colomba Company in 2021. The beginning inventory was overstated by $17,000 and the ending inventory was overstated by $23,000. Ignoring taxes, net income in 2021 will be: understated by $6,000. understated by $23,000. overstated by $6,000. overstated by $23,000. 6. Edwell Co. recognized an impairment loss on a factory asset at the end of a year. The depreciable values after the loss is $1,000 and the asset still has a useful life of 5 years. Accumulated depreciation was $200 at that date and the straight line depreciation method is used. The asset cost $1,500. The future annual depreciation amount is: $300. $160. $240. O $200
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