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Current Attempt in Progress Sunland Company reported net incomes for a three-year period as follows: 2022, $193,800; 2023, $198,200; 2024, $181,400. In reviewing the
Current Attempt in Progress Sunland Company reported net incomes for a three-year period as follows: 2022, $193,800; 2023, $198,200; 2024, $181,400. In reviewing the accounts in 2025 after the books for the prior year have been closed, you find that the following errors have been made in summarizing activities: 2022 2023 2024 Overstatement of ending inventory $42,500 $49,600 $32,000 Understatement of accrued advertising expense 7,200 11,900 6,500 (a) Your answer has been saved. See score details after the due date. Determine corrected net incomes for 2022, 2023, and 2024. (b) 2022 Corrected Net Income 144100 2023 $ 179200 2024 192500 Attempts: 1 of 1 used Give the entry to bring the books of the company up to date in 2025, assuming that the books have been closed for 2024. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Credit account titles are automatically Indented when amount is entered. Do not indent manually. List all debit entries before credit entries.) Account Titles and Explanation Save for Later Debit Credit Attempts: 0 of 1 used Submit Answer
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