(Answered) Question - the reported net incomes for the first 2 years

Accounting

Question - The reported net incomes for the first 2 years of Sheridan Products, Inc., were as follows: 2017, $148,400; 2018, $172,000. Early in 2019, the following errors were discovered.

1. Depreciation of equipment for 2017 was overstated $17,400.2.Depreciation of equipment for 2018 was understated $42,100.3.December 31, 2017, inventory was understated $54,700.4.December 31, 2018, inventory was overstated $16,000.

Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)

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