In reviewing the accounts of Sitek Company in January, 2017, you find the following errors: Overstatement of ending inventory at 12/31/2015, $8,000 Failure to accrue December wages of employees that were paid and recorded as an expense in January of the following year: at l 2/31/2015-$ 1,000; at 12/31/2016-$3,000 Failure to record depreciation on property still in use in 2017- $4,000 for 2015- $5 500 for 2016 Failure to accrue interest receivable at 12/31/2016-$2,000 On December 30, 2015, the company collected an account receivable from a November 2015 sale of $10,000 of inventory. The sale was recorded in 2015 but the collection of the account receivable was not recorded in the books until January 3, 2016. For each error, give the amount that net income for 2015 and 2016 were overstated or understated. If net income was not affected, leave the box blank. (2 points each item) Prepare the required entry- to correct the books as of 12/31/16 for the following error discovered early in 2017. Assume the books for 2016 have been closed. Sitek Company expensed $2, 400 that was paid on December 1, 2015 for a two year insurance policy providing coverage from December 1, 2015 to November 30, 2017. Prepare the required entry to correct the books as of 12/31/16 for the following error discovered early in 2017. Assume the books for 2016 have not been closed. Sitek Company collected $120,000 on July 1, 2015 for services to be performed evenly over the 3 year period starting on July 1 2015. The company credited the Unearned Service Revenue account for $ 120,000 on July 1, 2015. On 12/31/2016, the Unearned Service Revenue account still has a balance of $120,000