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Find the effect of events and transactions on net income

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Question - At Sheridan Company, events and transactions during 2020 included the following. The tax rate for all items is 20%.

(1) Depreciation for 2018 was found to be understated by $118800.

(2) A strike by the employees of a supplier resulted in a loss of $91800.

(3) The inventory at December 31, 2018 was overstated by $157400.

(4) A disposal of a component of the business resulted in a $1987000 loss.

Required - Find the effect of these events and transactions on 2020 net income net of tax?

Reference no: EM132679747

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