NU TEC we 12/31/20 Nothing Service Peu 2. In 2019, the bookkeeper for a company mistakenly recorded an entry for a two-year contract as cash basis rather than accrual basis. The mistake was not caught and resulted in the following errors: 2401 Assets 12/31/19 Liabilities 12/31/19 Understated - $389,500 NE Assets 12/31/20 Liabilities 12/31/20 Understated - $143,500 NE Assets 12/31/21 Liabilities 12/31/21 NE NE NI 2019 Understated - $389,500 NI 2020 Overstated - $246,000 NI 2021 Overstated - $143,500 Equity 12/31/19 Understated - $389,500 Equity 12/31/20 Understated - $143,500 Equity 12/31/20 NE Determine: (1) The date the contract was signed, (2) The amount of the contract when it was signed, (3) whether cash was paid by the company or received by the company as a part of the contract and explain how you know by explaining what would change if cash had flowed the other direction. 2. In 2019, the bookkeeper for a company mistakenly recorded an entry for a two-year contract as cash basis rather than accrual basis. The mistake was not caught and resulted in the following errors: Assets 12/31/19 Understated - $389,500 Assets 12/31/20 Understated - $143,500 Assets 12/31/21 NE Liabilities 12/31/19 NE Liabilities 12/31/20 NE Liabilities 12/31/21 NE NI 2019 Equity 12/31/19 Understated - $389,500 Understated - $389,500 NI 2020 Equity 12/31/20 Overstated - $246,000 Understated - $143,500 N I 2021 Equity 12/31/20 Overstated - $143,500 NE Determine: (1) The date the contract was signed, (2) The amount of the contract when it was signed, (3) whether cash was paid by the company or received by the company as a part of the contract and explain how you know by explaining what would change if cash had flowed the other direction