Redding Company is in the process of closing its books at the end of 2018. The company's preliminary income statement for 2018 and its reported income statement for 2017 are given below. 2017 $480,000 240,000 240,000 (34,444) (87,000) 2018 $ 500,000 Sales Revenues Cost of Goods Sold Gross Profit Depreciation Other Expenses 250,000 (37,037) (98.000) $114.963 Net Income $ 118,556 Redding's records reveal the following information (1) Redding failed to accrue sales commissions expense at the end of 2016 and 2017 as follows 2016 2017 5,500 6,000