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SASA Company Sasa Company reported net income for a two-year period as follows: 2X1 4 120,000 2X1 5 180,000 In an audit of the statement for the year ended December 31, 2X14, the following errors were discovered: 0 Advances to the supplier in 2X14 were recorded as purchases. but the merchandise was received in the following year, P20,IDOO . Advances from the customer in 2X14 recorded as sales in 2X14, but the goods were delivered in the following year, P50,000 o On December 31I 2X14, the ending inventory was overstated by P25,000. Required: Solve for the following (50 points): 1. Adjusted (4 items it 5 points): a. Net income for 2X14 b. Net income for 2X15 c. Retained earnings 2X'I4 d. Retained earnings 2X15 2. Give the effect of each error in the 2X14 net assets (3 items )1: 5 points). 3. Prepare adiusting entries assuming errors were discovered in {3 items it 5 points): a. 2X14 b. 2X15 c. 2x16