If ending inventory for the year ended December 31,2016,is understated,this error will cause owners' equity to be:
A) overstated at the end of 2016 and understated at the end of 2017
B) understated at the end of 2016 and overstated at the end of 2017
C) correctly stated at the end of 2016 and overstated at the end of 2017
D) understated at the end of 2016 and correctly stated at the end of 2017
Correct Answer:
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