Exercise 8-8 Monty Limited has a calendar-year accounting period. The following errors were discovered in 2020. 1. The December 31, 2018 merchandise inventory had been understated by $50,200. 2. Merchandise purchased on account in 2019 was recorded on the books for the first time in February 2020, when the original invoice for the correct amount of $2,900 arrived. The merchandise had arrived on December 28, 2019, and was included in the December 31, 2019 merchandise inventory. The invoice arrived late because of a mix-up by the wholesaler. 3. Inventory, valued at $1,500, held on consignment by Monty was included in the December 31, 2019 count. Calculate the effect of each error on the 2019 net income. (Do not leave any answer field blank. Enter 0 for amounts.) 1. Net income/(loss) for 2019 is 2. Net income/(loss) for 2019 is 3. Net income/(loss) is by $ by $ by $ LINK TO TEXT Calculate the effect, if any, that each error had on the related December 31, 2019 statement of financial position items. (Do not leave any answer field blank. Enter 0 for amounts.) 1. Inventory is 2. Accounts payable is 3. Inventory is by $ retained earnings is by $ by $ and retained earnings are by $