Cullumber Co. began operations on January 1, 2017. Financial statements for 2017 and 2018 contained the following errors:

		Dec. 31, 2017			Dec. 31, 2018
Ending inventory		$203000	overstated		$224000	understated
Depreciation expense		127000	overstated		-
Insurance expense		91000	understated		91000	overstated
Prepaid insurance		91000	overstated		-

In addition, on December 31, 2018 fully depreciated equipment was sold for $44200 but the sale was not recorded until 2019. No corrections have been made for any of the errors. Ignore income tax considerations. The total effect of the errors on Cullumber's 2018 net income is