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  3. the reported net incomes for the first 2 vears of

The reported net incomes for the first 2 vears of tilue Products, inc, were as...

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Accounting

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The reported net incomes for the first 2 vears of tilue Products, inc, were as follows: 2020,5152,300;2021,5201,200. Enily in 2022. the followine errors were discovered. 1. Depreciation of equipment for 2020 was overstated $17,000. 2. Depreciation of equiloment for 2021 was understated $36,400 3. December 31,2020 , invent ory was understated $54,200 4. December 31, 2021, inventory was overstated $16,100. Prepare the correcting entry necessary when these errors ars discovered. Assume that the books are closed. fienore income tax considersions) (Credit account tites are automaticaly indented when emeunt is entered. Do not indent monually. If no entry is required, select "Wo Enery" for the account bilies and enter Ofor the amountis

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