Current Attempt in Progress The following errors were discovered on the books of Martinez Inc, during the preparation of the 2020 financial statements, prior to the books being closed for the year. la) $13.700 of goods held on consignment from Stevens Co were counted as part of Martinez's inventory at the end of fiscal 2019. The goods were not sold during fiscal 2020, and were returned to Stevens Co. They were not part of the fiscal 2020 year-endimentary count Assume a perpetual inventory system in h Goods worth $22.500 were shipped FOB destination on December 29, 2019 and were received by the customer on January 5, 2020 Revenue was recorded in fiscal 2019, when the goods were shipped. Assume a periodic inventory system is being used in this case. The goods shipped were included in the ending inventory count in 2019. d During the first week of January 2018, equipment was purchased for $19.800. The entire purchase was recorded with a debit to Repairs and Maintenance Expense, and a credit to cash. At the time of purchase. Martinez expected to keep the equipment for four years, and then to sell it for $3.950. Martinez uses the straight-line method of depreciation for equipment Prepare the journal entries required to correct the above errors, assuming that Martinez follows IFRS. Ignore income tax for this problem. (Credit account titles are automatically indented when the amount is entered. Do not indent manuallyIf no entry is wid e Entry for the communities and enter for the No. Account Titles and Explanation Debit Credit To correct for prior year error and record current year deprecation) Current Attempt in Progress The following errors were discovered on the books of Martinez Inc, during the preparation of the 2020 financial statements, prior to the books being closed for the year. la) $13.700 of goods held on consignment from Stevens Co were counted as part of Martinez's inventory at the end of fiscal 2019. The goods were not sold during fiscal 2020, and were returned to Stevens Co. They were not part of the fiscal 2020 year-endimentary count Assume a perpetual inventory system in h Goods worth $22.500 were shipped FOB destination on December 29, 2019 and were received by the customer on January 5, 2020 Revenue was recorded in fiscal 2019, when the goods were shipped. Assume a periodic inventory system is being used in this case. The goods shipped were included in the ending inventory count in 2019. d During the first week of January 2018, equipment was purchased for $19.800. The entire purchase was recorded with a debit to Repairs and Maintenance Expense, and a credit to cash. At the time of purchase. Martinez expected to keep the equipment for four years, and then to sell it for $3.950. Martinez uses the straight-line method of depreciation for equipment Prepare the journal entries required to correct the above errors, assuming that Martinez follows IFRS. Ignore income tax for this problem. (Credit account titles are automatically indented when the amount is entered. Do not indent manuallyIf no entry is wid e Entry for the communities and enter for the No. Account Titles and Explanation Debit Credit To correct for prior year error and record current year deprecation)