Pharoah Co. began operations on January 1, 2017. Financial statements for 2017 and 2018 contained the following errors:

		Dec. 31, 2017			Dec. 31, 2018
Ending inventory		$218000	overstated		$239000	understated
Depreciation expense		130000	overstated		-
Insurance expense		94000	understated		94000	overstated
Prepaid insurance		94000	overstated		-

In addition, on December 31, 2018 fully depreciated equipment was sold for $47200, but the sale was not recorded until 2019. No corrections have been made for any of the errors. Ignore income tax considerations. The total effect of the errors on the amount of Pharoah's working capital at December 31, 2018 is understated by