A) 2008 net income to be understated $75,000 and December 31, 2008 retained earnings to be understated $24,000.
B) 2007 net income and December 31, 2007 retained earnings to be understated $51,000 each.
C) 2007 net income to be overstated $27,000 and 2008 net income to be understated $24,000.
D) 2008 net income and December 31, 2008 retained earnings to be understated $24,000 each.
This question was asked on May 11, 2010 and answered on May 11, 2010.
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