Veron Inc. reported total assets of $1,600,000 and net income of $85,000 for the current year.Veron determined that inventory was understated by $23,000 at the beginning of the year and$10,000 at the end of the year. What is the corrected amount for total assets and net income forthe year?a. $1,610,000 and $95,000.b. $1,590,000 and $98,000.c. $1,610,000 and $72,000.d. $1,600,000 and $85,000

Question

Veron Inc. reported total assets of $1,600,000 and net income of $85,000 for the current year.
Veron determined that inventory was understated by $23,000 at the beginning of the year and
$10,000 at the end of the year. What is the corrected amount for total assets and net income for
the year?
a. $1,610,000 and $95,000.
b. $1,590,000 and $98,000.
c. $1,610,000 and $72,000.
d. $1,600,000 and $85,000

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