Effects of errors. Joseph Co. began operations on January 1, 2017. Financial statements for 2017 and 2018 contained the following errors: Ending inventory Depreciation expense Accumulated depreciation Insurance expense Prepaid insurance $80,000 overstated S114,000 overstated 48,000 understated 48,000 understated 48,000 understated 42,000 understated 42,000 overstated 42,000 understated In addition, on December 26, 2018 fully depreciated equipment was sold for $53,000, but the sale was not recorded until 2019. No corrections have been made for any of the errors. Instr ctions Ignor ag income taxes, show your calculation of the total effect of the errors on 2018 net income