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Make the correcting entry necessary when errors discovered

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Question - The reported net incomes for the first 2 years of Sunland Products, Inc., were as follows: 2017, $155,500; 2018, $188,100. Early in 2019, the following errors were discovered.

1. Depreciation of equipment for 2017 was overstated $15,900.

2. Depreciation of equipment for 2018 was understated $37,500.

3. December 31, 2017, inventory was understated $48,400.

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

Required - Make the correcting entry necessary when these errors are discovered?

Reference no: EM132448626

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