The before-tax income for Culver Co.for 2017 was $105,000 and $71,200 for 2018. However, the accountant noted that the following errors had been made: 1. Sales for 2017 included amounts of $40,100 which had been received in cash during 2017, but for which the related products were delivered in 2018. Title did not pass to the purchaser until 2018. 2. The inventory on December 31, 2017, was understated by $9,400. 3. The bookkeeper in recording interest expense for both 2017 and 2018 on bonds payable made the following entry on an annual basis. Interest Expense 16,200 Cash 16,200 The bonds have a face value of $270 000 and pay a state effective-yield method should be used.) , interest rate of 6%. They were issued at a discount of 130 00 on la ay l 20 an effective w A nterest a ie o e at 4. Ordinary repairs to equipment had been erroneously charged to the Equipment account during 2017 and 2018. Repairs in the amount of $8,000 in 2017 and $10,100 in 2018 were so charged. The company applies a rate of 10% to the balance in the Equipment account at the end of the year in its determination of depreciation charges. Prepare a schedule showing the determination of corrected income be ore taxes or 2 (15,000). Round answers to O decimal places, e.s. 125.) 17 a 2 8. En er negative amounts using either a negative ceding the numbe e, . g r rent es se 2017 2018 Income Before Tax Corrections: Corrected Income Before Tax The before-tax income for Culver Co.for 2017 was $105,000 and $71,200 for 2018. However, the accountant noted that the following errors had been made: 1. Sales for 2017 included amounts of $40,100 which had been received in cash during 2017, but for which the related products were delivered in 2018. Title did not pass to the purchaser until 2018. 2. The inventory on December 31, 2017, was understated by $9,400. 3. The bookkeeper in recording interest expense for both 2017 and 2018 on bonds payable made the following entry on an annual basis. Interest Expense 16,200 Cash 16,200 The bonds have a face value of $270 000 and pay a state effective-yield method should be used.) , interest rate of 6%. They were issued at a discount of 130 00 on la ay l 20 an effective w A nterest a ie o e at 4. Ordinary repairs to equipment had been erroneously charged to the Equipment account during 2017 and 2018. Repairs in the amount of $8,000 in 2017 and $10,100 in 2018 were so charged. The company applies a rate of 10% to the balance in the Equipment account at the end of the year in its determination of depreciation charges. Prepare a schedule showing the determination of corrected income be ore taxes or 2 (15,000). Round answers to O decimal places, e.s. 125.) 17 a 2 8. En er negative amounts using either a negative ceding the numbe e, . g r rent es se 2017 2018 Income Before Tax Corrections: Corrected Income Before Tax