Conrad Playground Supply underwent a restructuring in 2018. The company conducted a thorough internal audit, during which the following facts were discovered. The audit occurred during 2018 before any adjusting entries or closing entries are prepared a. Additional computers were acquired at the beginning of 2016 and added to the company's 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 b. Two weeks prior to the audit, the company paid $21,000 for assembly tools and recorded the expenditure as office supplies. The C. On December 31, 2017, merchandise inventory was understated by $86,000 due to a mistake in the physical inventory count. The value. This class of equipment is depreciated by the straight-line method error was discovered a week later. company uses the periodic inventory system. oints 01.2615 d. 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. e. At the end of 2017, the company failed to accrue $120,000 of interest expense that accrued during the last four months of 2017 on bonds payable. The bonds, which were issued at face value, mature in 2022. The following entry was recorded on March 1, 2018, when the semiannual interest was paid, as well as on September 1 of each year tnterest expense 180,000 Cash 80 000 t A three-year iability insurance policy was purchased at the beginning of 2017 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 2018 related to the situation described. (gnore income taxes) If no entry is required for a transaction/event, select "No journal entry required" in the