Columbia Corporation determined that its Dec. 31, 2020 ending inventory was overstated by $500,000. 1. Determine the effects on the income statement and balance sheet as of December 31, 2020. (Ignore income tax effects for all items) 2. If the error was discovered in 2021 before the financial statements were issued, what journal entry would be required to correct the error as of January 1, 2021? 3. If the error was not discovered until 2022, determine the effects on the 2021 income statement and balance sheet. 4. What disclosures are required in this situation. How would the error be reported if discovered in 2021