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Prepare the correcting entry necessary

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Question - The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2014, $144,170; 2015, $181,710. Early in 2016, the following errors were discovered.

1. Depreciation of equipment for 2014 was overstated $11,600.

2. Depreciation of equipment for 2015 was understated $39,160.

3. December 31, 2014, inventory was understated $49,950.

4. December 31, 2015, inventory was overstated $15,840.

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

Reference no: EM132021210

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