Waterway Company uses the LCNRV method, on an individual-item basis, in pricing its inventory items. The inventory at December 31, 2020, included product X. Relevant per-unit data for product X are as follows. Estimated selling price $48 Cost 37 Estimated selling costs 15 Normal profit 9 There were 1,000 units of product X on hand at December 31, 2020. Product X was incorrectly valued at $38 per unit for reporting purposes. All 1,000 units were sold in 2021. Compute the effect of this error on net income for 2020 and the effect on net income for 2021, and indicate the direction of the misstatement for each year. Net income for 2020 $ Net income for 2021 $

Construct an example of the cycle of​ money, identify all the players involved and identify their individual benefits from participating in the cycle of money. in the examples of the cycle of money shown​ below, identify all the players involved and identify their individual benefits from participating in the cycle of money. example​ one: ​(select from the​ drop-down menus.) ▾ opens a savings account ▾ with the borrower with the original lender at a local commercial bank with a​ $200 deposit. the ▾ original lender bank borrower loans out the​ $200 with other funds from other savings accounts to ▾ the original lender a local businessman who is expanding his business. the local businessman pays back the loan over time with interest and the bank credits the savings account with interest. the individual withdraws money from the savings account to buy a new bike.