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Taylor Corporation discovered in 2017 that it had incorrectly recorded in 2016 a cash payment of $50,000 for utilities expense. The correct amount of the utilities expense was $60,000. Determine the effect of the error on the accounting equation in 2016. How should this error be reported in the 2017 financial statements? RUT Corporation had net income for 2016 of $36, 400. RUT had 2, 400 shares of common stock outstanding at the beginning of the year and 20,000 shares of common stock outstanding as of December 31, 2016. During the year, RUT declared and paid preferred dividends of $5, 040. Compute RUT's earnings per share. Refer to the RUT data in Short Exercise S13-14. Assume the market price of RUT's common stock is $18 per share. Compute RUT's price/earnings ratio