Please do not copy from Chegg. I need an original answer with proper explanation with step by step explanation.

The reported net incomes for the first 2 years of Ayayai Products, Inc., were as follows: 2017, $156,100; 2018. $196,600. Early in 2019, the following errors were discovered. 1 Depreciation of equipment for 2017 was overstated $16,400. 2 Depreciation of equipment for 2018 was understated $36,400. December 31, 2017, inventory was understated $45,100. . 4 December 31, 2018, inventory was overstated $16,100. . Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)