Business, 16.06.2021 20:50 gymnastcaitlyn1

The reported net incomes for the first 2 years of Splish Products, Inc., were as follows: 2020, $156,100; 2021, $196,600. Early in 2022, the following errors were discovered. a. Depreciation of equipment for 2020 was overstated $15,500.
b. Depreciation of equipment for 2021 was understated $36,200.
c. December 31, 2020, inventory was understated $45,400.
d. December 31, 2021, inventory was overstated $17,200.

Required:
Prepare the correcting entry necessary when these errors are discovered.

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The reported net incomes for the first 2 years of Splish Products, Inc., were as follows: 2020, $156...

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