The 2023 ending inventory of Sheffield Ltd. is understated by $9,500 and all other items are stated correctly. How does this misstatement affect net income over a two-year period? The controller of Crane Corp. has provided you with the following intormation relating to its inventory. Crane uses the periodic inventory system, and records its inventory at cost. An allowance account is adjusted at the end of each year to adjust the value of the inventory to the lower of cost and NRV. Prepare the journal entries that Crane would have prepared for its 2022 and 2023 year ends, assuming that 20222 was its frat year of operations. (Credit account titles are astomatically indented when the amount is entered. Do not indent monually if no entry as requibed, select "No Entry" for the account titles and enter ofor the onsounts Alecond fournal entries in the order proented in the probiem. Uist all debit entrias. before credit entries.)