Conrad Playground Supply underwent a restructuring in $2021.$ The company conducted a thorough internal audit, during which the following facts were discovered. The audit occurred during $2021$ before any adjusting entries or closing entries are prepared. Additional computers were acquired at the beginning of $2019$ and added to the companys office network. The $$49,000$ cost of the computers was inadvertently recorded as maintenance expense. Computers have five$-$year useful lives and no material salvage value. This class of equipment is depreciated by the straight$-$line method. Two weeks prior to the audit, the company paid $$21,000$ for assembly tools and recorded the expenditure as office supplies. The error was discovered a week later. On December $31,2020,$ merchandise inventory was understated by $$86,000$ due to a mistake in the physical inventory count. The company uses the periodic inventory system. Two years earlier, the company recorded a $5\%$ stock dividend $(2,800$ common shares, $$1$ par$)$ as follows: Retained earnings $2,800$ Common stock $2,800$ The shares had a market price at the time of $$11$ per share. At the end of $2020,$ the company failed to accrue $$120,000$ of interest expense that accrued during the last four months of $2020$ on bonds payable. The bonds, which were issued at face value, mature in $2025.$ The following entry was recorded on March $1,2021,$ when the semiannual interest was paid, as well as on September $1$ of each year: Interest expense $180,000$ Cash $180,000$ A three$-$year liability insurance policy was purchased at the beginning of $2020$ for $$74,400.$ The full premium was debited to insurance expense at the time. Required:For each error, prepare any journal entry necessary to correct the error, as well as any year$-$end adjusting entry for $2021$ related to the situation described. $($Ignore income taxes.$)($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.$)$