Depreciation expense Dec. 31, 2023 $76,500 overstated 45,000 understated George Co. began operations on January 1, 2023. Financial statements for 2023 and 2024 contained the following errors: Ending inventory Dec. 31, 2024 $103,000 overstated - Accumulated depreciation 45,000 understated 45,000 understated Insurance expense 41,500 overstated 41,500 understated Prepaid expense 41,500 understated In addition, on December 26, 2024, fully depreciated equipment was sold for $59,000, but the sale was not recorded until 2025. No corrections have been made for any of the errors. Ignoring income taxes, calculate the total effect of the errors on 2024 net income. Total effect of the errors on 2024 net income SA $