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Wilkins Food Products Inc. acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2016. In payment for the machine Wlkins issued a three-year Installment note to be pald in three equal payments at the end of each year. The payments include interest at the rate of 15%. Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins falled to discover until 2018. As a result of the error, Wilkins understated Interest expense b $50,000 In 2016 and $45,000 In 2017 Required: 1. Indicate in the table below which accounts are incorrect as a result of these errors at January 1, 2018 and whether those accounts are understated or overstated. (Ignore Income taxes.) 2. Prepare a Journal entry to correct the error Complete this question by entering your answers in the tabs below. Required 1 Required 2 Indicate in the table below which accounts are incorrect as a result of these errors at January 1, 2018 and whether those accounts are understated or overstated. (Ignore income taxes.) Account 2016 2017 Required 1 Required 2 Record correction of error vent Clear entry View general journal