The following inventory valuation errors have been discovered for Knox Corporation: · The 2015…
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The following inventory valuation errors have been discovered for Knox Corporation: ∙ The 2015 year-end inventory was overstated by $23,000. ∙ The 2016 year-end inventory was understated by $61,000. ∙ The 2017 year-end inventory was understated by $17,000. The reported income before taxes for Knox was: Year…………………………….Income before Taxes 2015………………………………………..$138,000 2016…………………………………………254,000 2017…………………………………………168,000 Required: Compute what income before taxes for 2015, 2016, and 2017 should have been after correcting for the errors.
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