Ranson Company was a trading company with periodic inventory system. There was a change in the position of accountant in the year 2020. Upon reviewing the records and documents, the new accountant has discovered the following matters that should be brought to management attention: (1) Although the depreciation expense in 2019 was correct, the depreciation expense in 2018 was overstated. (2) The ending inventory in 2018 was overstated. (3) The old accountant has failed to accrue wages for year 2018. Assume that the wages of 2018 was paid in 2019. (4) Supplies on hand on 31 Dec 2018 was counted incorrectly and the balance has been overstated. (5) Cash payment for a truck (useful life, 6 years) was wrongly charged to repair and maintenance expense in 2018. (6) Assuming that the interest was paid in 2019, the old accountant failed to accrue 2018 interest expense. (7) Beginning inventory in 2018 overstated. (8) The rent payable balance on 31 Dec 2018 was understated. Requirement Evaluate how each of the matter above would affect the income statement and statement of financial position for the year 2018 and 2019