Prepare the Journal entries necessary in 2021 to correct the books, assuming that the books have not been closed. Disregard effects of corrections on income tax.

The first audit of the books of Oriole Comparty was made for the year ended December 31, 2021. In examining the books, the auditor found that certainitems had been overlooked or incorrectly handled in the last 3 years. These items are: 1. At the beginning of 2019 , the company purchased a machine for $552000 (salvage value of 555,200) thut had a usefu life of 6 years. The bookbeeper used straight-fine depreciation but faled to deduct the salvage value in computing the depreciation base for the 3 years. 2. At the end of 2020 , the company talled to accrue sales salaries of 549000 . 3. A tax lawsuit that invalved the year 2019 was settled late in 2021, ft was determined that the company owed an additional 587.000 in twes related to 2019. The company did not record a lability in 2019 or 2020 because the possiblity of loss was condidered remote, and charged the 567.000 to a loss account in 2021. 4. Oriole Compary purchused a copyright from another company early in 2019 for $52.000. Oriole had not amortized the copyright because itsvalue had not diminished. The cooynight has a useful iffe at purchase of 20 years. 5. In 2021, the company wrote off $89.000 of inventory considered to be obrolete; this lass was charged directly to Retained Earnings: Prepare the fournal entries necessary in 2021 to correct the books, assuming that the books hwe not been closed Disegard effects of corrections on income tax. (Credit occount tities are outomatiostly indented when anocht is enternt. Do not indent monual) Hf entry is required, select "Vo Entry for the occount titles and enter O for the amounts Round answers to O decimal ploces, eg 1250