Jason Co. began operations on January 1, 2023. Financial statements for 2023 and 2024 contained the following errors: Dec. 31, 2023 Dec. 31, 2024 Ending inventory $75,500 overstated $105,500 overstated Depreciation expense 48,500 understated Accumulated depreciation 48,500 understated 48,500 understated Insurance expense 43,500 overstated 43,500 understated Prepaid expense 43,500 understated In addition, on December 26, 2024, fully depreciated equipment was sold for $58,000, but the sale was not recorded until 2025. No corrections have been made for any of the errors. Ignoring income taxes, calculate the total effect of the errors on 2024 net income. Total effect of the errors on 2024 net income Save for Later Attempts: 0 of 1 used Submit Answer