Berry Farm produces organic tomatoes and strawberries. In June 2018, it transported 130 boxes of strawberries with a price of $15 per box to the Bay Farmers' Market. Berry Farm paid an upfront fee of $100 to present its products at the market for one week, and the market earns a 25% profit margin on each item sold, but Berry Farm is responsible for any items that remain unsold at the end of the week. Required: The market was able to sell 85 boxes of strawberries to customers. How much revenue should Berry Farm recognize with respect to this transaction? Revenue 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 Wilkins issued a three-year installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 10%. Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2018. As a result of the error, Wilkins understated interest expense by $45,000 in 2016 and $40,000 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. 3. What other step(s) would be taken in connection with the error? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer.) ? No further steps are required ? Disclosure note ? Prior period adjustment to retained earnings ? Affected accounts retrospectively restated in comparative financial statements ? Affected accounts prospectively restated only