Conrad Playground Supply underwent a restructuring in $2024.$ The company conducted a thorough internal audit, during which the following facts were discovered. The audit occurred during $2024$ before any adjusting entries or closing entries are prepared.

a$.$ Additional computers were acquired at the beginning of $2022$ and added to the company's office network. The $$47,500$ 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.

b$.$ Two weeks prior to the audit, the company paid $$19,500$ for assembly tools and recorded the expenditure as office supplies. The error was discovered a week later.

c$.$ On December $31,2023,$ merchandise inventory was understated by $$83,000$ due to a mistake in the physical inventory count. The company uses the periodic inventory system.

d$.$ Two years earlier, the company recorded a $5\%$ stock dividend common shares, $$1$ par$)$ as follows:

$\backslash$table$[[,$Account Name,Debit,Credit$],[$Retained$,$earnings,$2,500,]]$

The shares had a market price at the time of $$11$ per share.

e$.$ At the end of $2023,$ the company failed to accrue $$114,000$ of interest expense that accrued during the last four months of $2023$ on bonds payable. The bonds, which were issued at face value, mature in $2028.$ The following entry was recorded on March $1,2024,$ when the semiannual interest was paid, as well as on September $1$ of each year:

$\backslash$table$[[,$Account Name,Debit,Credit$],[$Interest$,$expense,$171,000,]]$

f$.$ A three$-$year liability insurance policy was purchased at the beginning of $2023$ for $$73,500.$ 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 $2024$ related to the situation described. $($Ignore income taxes.$)$

Note: If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field.

Journal entry worksheet

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Record entry necessary for error correction.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[$a$(1),,,],[,,,],[,,,],[,,,],[,,,]]$