Error 2: Wolochuck paid $18,000 for a 3-year insurance policy on October 1, 2018, which expires on September 30, 2021. The premium was charged to expense when purchased. The books are still open for 2019 but all other years are closed. Prepare the analytics for 2018-2019.

1 All relevant years 2 Error Analysis 3 What we should have done? 4 5 6 7 What was done? 8 9 10 11 Overstatement (understatement) of revenuelexpense 12 13 Error analysis: 14 Income statement: Impact on net income 15 16 17 18 19 Balance Sheet: impact on Assets, Liabilities, RE and SE at the end of the error period (last year) 20 21 22 23 Credit 24 25 Correcting entry: Debit 26 27 28 29 30 31 32 For the In-class work (P22.8 assignments), also complete the table below: 33 34 35 NI 2019 Understated Overstated RE 12/31/2020 Understated Overstated 36 37 Crror Analysis format