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Condensed Income Statements for Newlon Company Are Shown Below for Two

Question 147

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Condensed income statements for Newlon Company are shown below for two years.
Condensed income statements for Newlon Company are shown below for two years. Compute the corrected income before income taxes for 2009 and 2010 assuming that the inventory as of the end of 2009 was mistakenly understated by $13,000. Compute the corrected income before income taxes for 2009 and 2010 assuming that the inventory as of the end of 2009 was mistakenly understated by $13,000.

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2009 = $34,000 (EI understated...

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