Question 1 Part II (24 marks) Refer to the first paragraph of Question 1 Part I on the background information of Greenchic Company. Assume during 2021, the Company recorded the following entries erroneously: (1) Record showed a client owed Greenchic $500 for services provided previously. Greenchic received this amount in May and then Dr. Cash $500 Cr. Accounts Payable $500. (2) In January Greenchic recorded purchase of a new machine at $12,000. Estimated useful life is two years and the Company uses straight-line depreciation. No one used the machine in the first ten months, but since 1 November it was used every day by the staff. Assume Greenchic had not updated depreciation expense since 1 January. On 31 December, it Dr. Depreciation expense $1,000 Cr. Accumulated Depreciation $1,000. (3) Total transaction price for April was $150,000, the fees earned was accrued and recorded in the same month. When Greenchic received payment in May, it Dr. Cash $12,000 Cr. Fees Earned $12,000. (4) For the year 2021, Greenchic declared and recorded a total dividend of $110,000. When recording closing entries, it Dr. Income Summary $110,000 Cr. Dividend $110,000. Required Identify the effects of the journal entries made in (1) to (4) above case by case on each of the six elements of the financial statements per column headings of the table below. Use the symbols O for overstate, U for understate and "NE" for no effect. No dollar amount is required. Copy the following table to answer this question. Income Statement Statement of Financial Position Revenue Expense Profit Assets Liabilities Equity 1 2 3 4