ter 9 GRADED O In 2018, the controller of Sytec Corporation discovered that $60,000 of inventory purchases were incorrectly charged to advertising expense in 2017. In addition, the 2017 year-end Inventory count failed to include $39,000 of company merchandise held on consignment by Erin Brothers. Sytec uses a periodic inventory system. Other than the omission of the merchandise on consignment, the year-end inventory count was correct. The amounts of the errors are deemed to be material no @ Do Required: 1. Determine the effect of the errors on retained earnings at 2. Prepare a journal entry to correct the errors. Complete this question by entering your answ Required. Required 2 Determine the effect of the errors on retain income taxes.) Retained earnings would the year-end inventory count was correct. The amounts of the errors are deemed to be material Required: 1. Determine the effect of the errors on retained earnings at January 1, 2018. (Ignore income taxes.) 2. Prepare a journal entry to correct the errors. Complete this question by entering your answers in the tabs below. FM) Required 1 Required 2 Prepare a journal entry to correct the errors. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) View transaction list Journal entry worksheet Record the entry to correct Note: Enter debits before General Journal Debit Event Credit View general journal Record entry Clear entry