In $2024,$ internal auditors discovered that PKE Displays, Incorporated, had debited an expense account for the $$359,000$ cost of equipment purchased on January $1,2021.$ The equipment's life was expected to be five years with no residual value. Straight$-$line depreciation is used by PKE

$1.$ determime the cumulative effect of the error on net income over the three$-$year period from $2021$ through $2023$ and on retained earnings by end if $2023.$

$2.$prepare the correcting entry, assuming error was discovered in $2024$ before the adjusting and closing entries $($ignore income taxes$)$

$3.$ assume instead that the equipment was disposed of in $2025$ and the original error was discovered in $2026$ after the $2025$ financial statements were issued. prepare the correcting journal entry in $2026.$