Problem: The reported net incomes for the first 2 years of Whispering Products, Inc., were as follows:
2017, $160,800;
2018, $175,800.
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 $37,400.
3. December 31, 2017, inventory was understated $45,000.
4. December 31, 2018, inventory was overstated $16,400.
Required: Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)
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