Taylor Corporation discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $70,000 for utilities expense. The correct amount of the utilities expense was $35,000. Requirements 1. Determine the effect of the error on the accounting equation in 2018. 2. How should this error be reported in the 2019 financial statements? Requirement 1. Determine the effect of the error on the accounting equation in 2018. utilities expense and by $ . In 2018, total stockholders' In 2018, the error equity would be