What effect will this error have on (a) 2011 net income, (b) 2012 net income, and (c) the combined…

Mintz Company discovers in 2012 that its ending inventory at December 31, 2011, was $7,000 understated. What effect will this error have on (a) 2011 net income, (b) 2012 net income, and (c) the combined net income for the 2 years?

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