The before$-$tax income for Sheridan Corp. for $2022$ was $$118,200$; for $2023,$ it was $$78,400.$ However, the accountant noted that the

following errors had been made:

Sales for $2022$ included $$38,500$ that had been received in cash during $2022,$ but for which the related products were delivered in $2023$ Title

Endin inventory $2023$

Ending inventory on December $31,2022,$ was understated by $$8,720.$ The December $31,2023$ ending inventory has not yet

been made to the opening balance of the Inventory account

The bookkeeper, in recording interest expense for both $2022$ and $2023$ on bonds pare

year:

Interest Expense $,15,000$

Cash

$15,000$

The bonds have a face value of $$300,000$ and pay a stated interest rate of $5\%.$ They were issued at a discount of $$15,000$ on

January $1,2022,$ to yield an effective interest rate of $6\%.($Use the effective interest method$)$

Ordinary repairs to equipment had been charged in error to the Equipment account during $2022$ and $2023.$ In total, repairs

in the amount of $$9,500$ in $2022$ and $$9,300$ in $2023$ were charged in this way. The company uses the declining$-$balance

method and applies a rate of $10\%$ in determining its depreciation charges.

Sheridan applies IFRS.

$($a$)$

$($b$)$

$2023$ books are still open. Ignore income tax effects. $($List all debit entries before credit entries. Credit account titles are automatically

indented when the amount is entered. Do not indent manually. If the amounts. Round answers to $0$ decimal places, es$.5,125.)$