Current Attempt in Progress

Vaughn Corporation has used the accrual basis of accounting for several years. A review of the records, however, indicates that some expenses and revenues have been handled on a cash basis because of errors made by an inexperienced bookkeeper. Income statements prepared by the bookkeeper reported $$26,900$ net income for $2024$ and $$36,500$ net income for $2025.$ Further examination of the records reveals that the following items were handled improperly.

Rent was received from a tenant in December $2024.$ The amount, $$960,$ was recorded as revenue at that time even though the rental pertained to $2025.$

Salaries and wages payable on December $31$ have been consistently omitted from the records of that date and have been entered as expenses when paid in the following year. The amounts of the accruals recorded in this manner were:

$\backslash$table$[[$December $31,2023,$$$1,060$