Answer:
$2,392,000; $341,000
Explanation:
Given that,
Total assets = $2,392,000
Net income for the current year = $317,000
Inventory at the beginning of the year = Overstated by $24,000
Correct amount for total assets = $2,392,000
As beginning inventory is overstated by $24,000, So the cost of goods sold also overstated by $24,000 and hence, the net income understated by $24,000.
Therefore, the correct amount for net income for the year:
= Current net income + Understated net income
= $317,000 + $24,000
= $341,000
