Maila Ltd. has a December 31 year end and uses a periodic inventory system. The following errors were discovered in 2020: 1. The December 31, 2018 ending inventory was overstated by $50,000. 2. Inventory purchased on account in 2019 was recorded on the books for the first time in January 2020, when the original invoice for the correct amount of $2,000 arrived. The inventory had arrived on December 29, 2019 and was included in the December 31, 2019 ending inventory count. 3. Inventory, valued at $8,000, held on consignment by Eureka was included in the December 31, 2019 count. Instructions: a. Calculate the effect of each error on the 2019 net income. b. Calculate the effect, if any, that each error had on the related December 31, 2019 balance sheet items