Question 17 of 30 > - / 1 III View Policies Current Attempt in Progress Angela Co. began operations on January 1, 2020. Financial statements for 2020 and 2021 contained the following errors: Dec. 31, 2021 $115,500 overstated Ending inventory Depreciation expense Accumulated depreciation Insurance expense Prepaid expense Dec. 31, 2020 $84.000 overstated 45,500 understated 45,500 understated 40,500 overstated 40,500 understated 45,500 understated 40,500 understated In addition, on December 26, 2021 fully depreciated equipment was sold for $53,000, but the sale was not recorded until 2022. No corrections have been made for any of the errors. Ignoring income taxes, show your calculation of the total effect of the errors on 2021 net income. Total effect of the errors on 2021 net income $