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2 Your answer is partially correct. Try again. The before-tax income for Lonnie Holdiman Co. for 2014 was $102,000 and $76,000 for 2015. However, the accountant noted that the following errors had been made: 1. Sales for 2014 included amounts of $39,200 which had been received in cash during 2014, but for which the related products were delivered in 2015. Title did not pass to the purchaser until 2015. 2. The inventory on December 31, 2014, was understated by $8,700. 3. The bookkeeper in recording interest expense for both 2014 and 2015 on bonds payable made the following entry on an annual basis. Interest Expense 12,300 Cash 12,300 The bonds have a face value of $246,000 and pay a stated interest rate of 5%. They were issued at a discount of $13,456 on January 1, 2014, to yield an effective- Interest rate of 6%. (Assume that the effective-yield method should be used.) . Ordinary repairs to equipment had been erroneously charged to the Equipment account during 2014 and 2015. Repairs in the amount of $8,100 in 2014 and $10,000 in 2015 were so charged. The company applies a rate of 10% to the balance in the Equipment account at the end of the year in its determination of depreciation charges. Prepare a schedule showing the determination of corrected income before taxes for 2014 and 2015. (Enter negative amounts using either a negative sign preceding che numier e.g. -15,000 or parentheses e.g. (15,000). Round answers to 0 decimal places, e.g. 125.) 2014 2015 ncome Before Tax Corrections: Sales Erroneously Included in 2014 Income Understatement of 2014 Ending Inventory FULL SCREEN NEXT 4. uruinary repairs to equipment nau veen erroneousiy cnargeu to une equipment account uunng zU14 anu ZU1D. Kepairs in tne amounc or so, 1uU in zU14 anG A0,UUU in 2015 were so charged. The company applies a rate of 10% to the balance in the Equipment account at the end of the year in its determination of depreciation charges. CALCULATOR PRINTER VERSION 4BACK Prepare a schedule showing the determination of corrected income before taxes for 2014 and 2015. (Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000). Round answers to 0 decimal places, e.g. 125.) 2014 2015 Income Before Tax Corrections: Sales Erroneously Included in 2014 Income Understatement of 2014 Ending Inventory Overstatement of 2014 Ending Inventory Sales Erroneously Included in 2014 Income Sales Erroneously Excluded in 2014 income Corrected Income Before Tax Click if you would like to Show Work for this question: Open Show Work