can anyone help me with the solution ?

In early January 2021, Sky Inc. discovered that its merchandise inventories were misstated in its balance sheets for the past 2 years. Following is a summary of the misstatements at the end of the 2019 and 2020 years: Amount of Inventory Misstatement Type of Misstatement Year 2019 2020 $ $ 24,661 Overstatement 16,487 Understatement Assume that the books have been closed for 2020 and for all prior years. Required: 1. Calculate the amount by which reported earnings will change for the 2019 and 2020 years as a result of correcting this error. Ignore any impact of income taxes. 2. Assuming that Sky Inc. has a December 31 year end, prepare the adjusting entry that thecompany will need to make at the beginning of 2021 to correct this error. Ignore any impact of income taxes