1. Describe how a firm would correct each of the following errors, include both financial statement presentation and journal entries.
2. 1. On January 2, 2017, ABC company sold a piece of equipment costing $3,900 for $1,800. At the date of sale, the equipment had accumulated depreciation of $2,400. The company recorded the cash received as Miscellaneous Income in 2017. The company had not closed the books for 2018 when it discovered the error.
   2. The same fact set in except the firm had closed its books in 2018 when it discovered the error