Tanaka Motor Corporation is one of the world's largest automakers. The company reported pre-tax profit of 291,624 million in fiscal 2010 and pretax profit of 565,680 million in fiscal 2011. Assume that there are no income taxes so that these amounts are also after-tax amounts Requirements 1. Suppose Tanaka built a new factory that began production at the beginning of fiscal 2010. Cost of the factory was 609,000 million, and its life was estimated to be 20 years. If Tanaka neglected to take depreciation on the factory in fiscal 2010 but correctly charged one year's depreciation in fiscal 2011, what misstatements would exist on Tanaka's 2010 financial statements? On its 2011 financial statements? 2. Suppose in fiscal 2010 Tanaka incorrectly recorded \108,000 million of sales for orders of automobiles that were not delivered, and thus the revenue was not earned, until fiscal 2011. What errors would there be in the fiscal 2010 financial statements? In the fiscal 2011 financial statements? Assume that cost of goods sold averages 50% of sales. Requirement 1. Suppose Tanaka built a new factory that began production at the beginning of fiscal 2010. Cost of the factory was 609,000 million, and its life was estimated to be 20 years. If Tanaka neglected to take depreciation on the factory in fiscal 2010 but correctly charged one year's depreciation in fiscal 2011 What misstatements would exist on Tanaka's 2010 financial statements? Tanaka's pre-tax income would be by ymllion in fiscal 2010, making the correct pre-tax income million. The company's retained earnings would be by million What misstatements would exist on Tanaka's 2011 financial statements? Pre-tax income in fiscal 2011 would be The company's retained earnings would be Requirement 2. Suppose in fiscal 2010 Tanaka incorrectly recorded \108,000 million of sales for orders of automobiles that were not delivered, and thus the revenue was not earned, until fiscal 2011. What errors would there be in the fiscal 2010 financial statements? Assume that cost of goods sold averages 50% of sales Tanaka's sales revenue would be v by million in fiscal 2010. Pre-tax income would be by million in fiscal 2010. This means that retained earnings would be What errors would there be in the fiscal 2011 financial statements? Tanaka's sales revenue would be by million in fiscal 2011. Pre-tax income would be by million in fiscal 2011. This means that retained earnings would be