Penny Company made an inventory count on December 31, 2020. During the count, one of the clerks made the error of counting an inventory item twice. For the balance sheet at December 31, 2020, the effects of this error are Assets Liabilities Stockholders' Equity1) Overstated Understated Overstated2) Understated No effect Understated3) Overstated No effect Overstated4) Overstated Overstated Understated Option 1) Option 2) Option 3) Option 4)
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