Silhouette Corporation reported profit for the year 2014 and 2015 at P550,000 and P700,000, respectively. Your audit of the company's account disclosed the need for adjustments as follows: 2014 2015 Overstatement of ending inventory due to error in pricing 29,000 33,000 Omission of depreciation on newly-acquired equipment 15,000 15,000 Understatement of accrued income 22,000 18,000 A purchase of merchandise was not recorded until the following year, and also was not 60,000 included in the ending inventory 13) The adjusted profit for 2015 was 14) What is the effect of the foregoing errors (overstatement) on total assets at December 31, 2015? 15) What is the effect on the foregoing errors on retained earnings at December 31, 2014