Exercise 21-20 (Part Level Submission) The before-tax income for Hawks Corp. for 2019 was $107,200; for 2020, It was $79,900. However, the accountant noted that the following errors had been made: 1. Sales for 2019 included $38,500 that had been received in cash during 2019, but for which the related products were delivered in 2020. Title did not pass to the purchaser until 2020. 2. Ending Inventory on December 31, 2019, was understated by $8,680. The December 31, 2020 ending inventory has not yet been adjusted to the Inventory account. Assume that Hawks has a periodic Inventory system and that no adjustment has been made to the opening balance of the Inventory account. 3. The bookkeeper, in recording Interest expense for both 2019 and 2020 on bonds payable, made the following entry each year: Interest Expense 15,000 Cash 15,000 The bonds have a face value of $250,000 and pay a stated interest rate of 6%. They were issued at a discount of $9,000 on January 1, 2019, to yield an effective interest rate of 7%. (Use the effective Interest method.) 4. Ordinary repairs to equipment had been charged error to the Equipment account during 2019 and 2020. In total, repairs in the amount of $9,200 in 2019 and $8,700 in 2020 were charged in this way. The company uses the declining balance method and applies a rate of 10% in determining its depreciation charges. Assume that Hawks Corp. applies IFRS (a) Your answer is partially correct. Try again. Prepare a schedule showing the calculation of corrected income before tax for 2019 and 2020. (Enter negative amounts using e/ther a negative sign preceding the number e.g.-45 or parentheses e.g. (45). Round answers to o decimal places, e.g. 5,125.) 2019 2020 107200 79900 Income before tax Corrections: Sales erroneously included in 2019 Income 38500 Understatement of 2019 ending inventory 8680 Adjustment to bond interest expense 15000 Repairs erroneously charged to the Equipment account Depreciation recorded on improperly capitalized repairs 8700 92001 Corrected Income before tax Attempts: 2 of 6 used SAVE FOR LATER SUBMIT ANSWER The parts of this question must be completed in order. This part will be available when you complete the part above. The parts of this question must be completed in order. This part will be available when you complete the part above