Culver Limited has a calendar$-$year accounting period. The following errors were discovered in $2023.$

The December $31,2021$ merchandise inventory had been understated by $$51,300.$

Merchandise purchased on account in $2022$ was recorded on the books for the first time in February $2023,$ when the original

invoice for the correct amount of $$3,500$ arrived. The merchandise had arrived on December $28,2022,$ and was included in

the December $31,2022$ merchandise inventory. The invoice arrived late because of a mix$-$up by the wholesaler.

Inventory, valued at $$1,100,$ held on consignment by Culver was included in the December $31,2022$ count.

Calculate the effect of each error on the $2022$ net income. $($Do not leave any answer field blank. Enter $0$ for amounts.$)$

Net income

Net income

Net income

$

$

$

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Calculate the effect, if any, that each error had on the related December $31,2022$ statement of financial position items. $($Do not

leave any answer field blank. Enter $0$ for amounts.$)$

Inventory

$

Accounts payable

$

Retained earnings

$

$

Inventory

No Effect

Overstated

Understated

$