Coronado Tool Company's December 31 year-end financial statements contained the following errors. An insurance premium of $62,700 was prepaid in 2025 covering the years 2025, 2026, and 2027. The entire amount was charged to expense in 2025. In addition, on December 31, 2026, fully depreciated machinery was sold for $14,300 cash, but the entry was not recorded until 2027 . There were no other errors durfing 2025 or 2026, and no corrections thave tieen made for any of the efrors. (Uenore income tax considerations) (a) Compute the total effect of the errors on 2026 net income. Total effect of errors on et income