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

Accounting

Question - The reported net incomes for the first 2 years of Windsor Products, Inc., were as follows: 2017, $134,800; 2018, $172,600. Early in 2019, the following errors were discovered.

1. Depreciation of equipment for 2017 was overstated $17,600.

2. Depreciation of equipment for 2018 was understated $38,000.

3. December 31, 2017, inventory was understated $47,700.

4. December 31, 2018, inventory was overstated $15,800.

Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed.

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