Neilson Tool Corporation's December 31 year-end financial statements contained the following errors: An insurance premium of $51,000 covering the years 2019,2020 , and 2021 was prepaid in 2019 , with the entire amount charged to expense that year. In addition, on December 31, 2020, fully depreciated machinery was sold for $15,400 cash, but the entry was not recorded until 2021 . There were no other errors during 2019 or 2020 , and no corrections have been made for any of the errors. Neilson follows ASPE. Answer the following, ignoring income tax considerations. Effect of errors on working capital: eTextbook and Media Calculate the total effect of the errors on the balance of Neilson's retained earnings at December 31, 2020. Effect of errors on retained earnings