Berkshire Inc. uses a periodic inventory system. At the end of 2020, it missed counting some inventory items, resulting in an inventory understatement by $600,000. Assume that Berkshire has a 30% income tax rate and that this was the only error it made. If undetected, what is the effect of this error on Berkshire's 12/31/2020 balance sheet
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Berkshire Inc. uses a periodic inventory system. At the end of 2020, it missed counting some invento...
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