Randall Co. began operations on January 1, 2015. Financial statements for 2015 and 2016 contained the following errors:

Dec. 31, 2015 Dec. 31, 2016

ending inventory $90,000 too high $114,000 too high

Depreciation expense 48,000 too low

Accumulated depreciation 48,000 too low 48,000 too low

Insurance expense 42,000 too high 42,000 too low

Prepaid insurance 36,000 too low

In addition, on December 26, 2016 fully depreciated equipment was sold for $58,000, but the sale was not recorded until 2017. No corrections have been made for any of the errors.

Ignoring income taxes, show your claculations of the total effect of the errors on 2016 net income.