Can you please help me with part $2$

Whaley Distributors is a wholesale distributor of electronic components. Financial statements for the years ended December 31, 2022 and 2023, reported the following amounts end subtotals (S in millions): Shareholdes ' 2022 2023 Assets Sue Liabilities S37a Equity S4sa Net Income 5250 Expenses 5158 In 2024, the following situations occurred or came to light: e. Internal auditors discovered thet ending inventories reported on the financial statements the two previous years were misstated due to faulty internel controls. The errors were in the following amounts: 2022 inventory Overstated by $12 8 million 2023 inventory Understated by SIO_8 million b. A liability was accrued in 2022 for a probable payment of $8.6 million in connection with a lawsuit ultimately settled in December 2024 for $4.8 million. c. A patent costing S22_8 million at the beginning of 2022, expected to benefit operations for a total of six years, has not been amortized since acquired. d. Whaley's conveyer equipment was depreciated by the sum-of-the-years'-digits (SYD) basis since it was acquired et the beginning of 2022 at e cost of S42.O million. It hes en expected useful life of five years end no expected residual velue_ At the beginning of 2024, Whaley decided to switch to straight-line depreciation. Required: For each situation: 1. Prepare ony journal entry necessary as a direct result of the change or error correction, as well as any adjusting entry for 2024 related to the situation described. (Ignore tex effects.) 2. Determine the amounts to be reported for each of the five accounts shown above from the 2022 and 2023 financial statements when those amounts ere reported agein in the 20222024 comparative financial statements. Complete this question by entering your answers in the tabs below. Required I Required 2 Determine the amounts to be reported for each of the five accounts shown above from the 2022 and 2023 financial statements when those amounts are reported again in the 2022-2024 comparative financial statements. Note: Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign. Enter answers in millions. Round "Inventory" and "Patent amortization" to 1 decima' place. Assets 2022 inventory Loss contingency Patent amortization Depreciation 2022 inventory 2023 inventory Loss contingency Patent amortization Depreciation Liabilities < Required 1 Net Income Expenses