In 2018, the controller of Sytec Corporation discovered that $42000 of Inventory purchases were incorrectly charged to advertising expense in 2017 In addition, the 2017 year-end Inventory count falled to Include $30,000 of company merchandise held orn consignment by Erin Brothers. Sytec uses a periodic Inventory system. Other than the omission of the merchandise on consignment, the year-end inventory count was correct. The amounts of the errors are deemed to be material. Required: 1. Determine the effect of the errors on retalned earnings at January 1. 2018. ignore income taxes.) 2. Prepare a journal entry to correct the errors