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Question - The following errors were contained in the Sheridan Company's December 31 year- end financial statements:
Dec. 31, 2021
Dec. 31, 2022
Ending
$50,000
$75,000
Inventory
understated
Overstated
An insurance premium of $84,000 was prepaid in 2021 covering the years 2021, 2022, and 2023. The prepayment was recorded with a debit to insurance expense in 2021. In addition, on December 31, 2022, fully depreciated machinery (the machinery had a net book value of zero) was sold for $35,000 cash, but the sale was not recorded until 2023. There were no other errors during 2022 or 2023 and no corrections have been made for any of the errors. Ignore income tax considerations. What is the total net effect of the errors on Sheridan's 2022 net income?
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