Assume that in Year 1, the ending merchandise inventory is overstated by $30,000. If this is the only error in Years 1 and 2, fill in the items below, indicating which items will be understated(U), overstated(O), or correctly(C) stated for Year 2. 
Definitions:
Empirical Research
A way of gaining knowledge by means of direct and indirect observation or experience.
Happiness
A state of well-being and contentment characterized by positive emotions ranging from joy to intense pleasure.
Common-Sense
Pertains to sound practical judgment concerning everyday matters or a basic ability to perceive, understand, and judge things shared by nearly all people.
Belongingness Hypothesis
The theory suggesting that humans have an innate need to form and maintain strong, stable interpersonal relationships.
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