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Problem 20-14 (Algo) Errors; change in estimate; change in principle; restatement of previous financial statements [LO20-1, 20-3, 20-4, 20-6] Whaley Distributors is a wholesale distributor of electronic components. Fhanclal statements for the years ended December 31,2022 and 2023, reported the following amounts and subtotals (\$ in millons): In 2024, the following situations occurred or came to llght: a. Internal auditors discovered that ending inventories reported on the financlal statements the two prevlous years were misstated due to faulty internal controls. The ertors were in the following amounts: 2022 inventory Overstated by $119 million 2023 Inventory Understated by $9.9 millon b. A llability was accrued In 202.2 for a proboble payment of 56.8 mulion in connection with a lawsut ultmately settied in December 2024 for $3.9 milion. c. A patent costing $17,4 mililion at the beginning of 2022, expected to benefit operationts for a total of six years, has not been amortized since acquired. d. Whaley's conveyer equipment was depreclated by the sum-ofthe-years'digits (SYD) basis since it was acquired at the beginning of 2022 at a cost of $28.5 million. it has an expected useful life of five years and no expected rosidual value. At the beginning of 2024, Whaley docided to switch to stralght-line depreciation. Required: For each situation: 1. Prepare any journal entry necessary as a direct resuit of the change or error correcton, as well as any adjusting entry for 2024 related to the situation described, (lgnore tax offects) 2. Determine the amounts to be reported for each of the five accounts shown above from the 2022 and 2023 financial statoments When those amounts ate reported again in the 20222024 comparative financlal statements. 1 Record entry necessary as a direct result of the change or error correction. 2 Record adjusting journal entry if needed for 2024. 3 Record entry necessary as a direct result of the change or error correction. 4 Record adjusting journal entry if needed for 2024. 5 Record entry necessary as a direct result of the change or error correction. 6 Record adjusting journal entry if needed for 2024 . Note : = journal entry has been entered 3 Record entry necessary as a direct result of the change or error correction. 4 Record adjusting journal entry if needed for 2024. 5 Record entry necessary as a direct result of thd fimange or error correction. 6 Record adjusting journal entry if needed for 2024. 7 Record entry necessary as a direct result of the change or error correction. 8 Record adjusting journal entry if needed for 2024. Note: = joumal entry has been entered Determine the amounts to be reported for each of the five accounts shown above from the 2022 and 2023 financial statements when those amounts are reported again in the 2022-2024 comparative financlal statements. Note: Do not round intermediabe calculations. Amounts to be deducted should be indicated with a minus sign. Enter your answers in milions. Round "Inventory" and "Patent amortization" to 1 decimal ploce