In 2021, the controller of Sytec Corporation discovered that $46,000 of inventory purchases were incorrectly charged to advertising expense in 2020. In addition, the 2020 year-end inventory count failed to include $32,000 of company merchandise held on 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 retained earnings at January 1, 2021. (ignore income taxes.) 2. Prepare a journal entry to correct the errors Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine the effect of the errors on retained earnings at January 1, 2021. (Ignore income taxes.) Retained earnings would be by Required 2 > Prepare a journal entry to correct the errors. Buitings at January 1, 2021. Ignore Income taxes.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a journal entry to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list View journal entry worksheet No Event General Journal Debit Credit 1 1 Inventory Retained earrings