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

The reported net incomes for the first 2 years of Cheyenne Co. were as follows:...

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Accounting

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The reported net incomes for the first 2 years of Cheyenne Co. were as follows: 2017. $173,000, 2018, $227,000. Early in 2019. the following errors were discovered. 1. Depreciation of equipment for 2017 was overstated by $7,800. 2. Depreciation of equipment for 2018 was understated by $16,000, 3. December 31, 2017 ending inventory was overstated by $18,100. 4. December 31, 2018 inventory was overstated by $27,000 Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and explanation Debit Credit

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