The current assets and current liabilities sections of the balance sheet of HIJ Company appear as follows. HIJ COMPANY Balance Sheet (Partial) December 31, 2021 Cash $ 40,000 Accounts payable $ 61,000 Accounts receivable $89,000 Notes payable 67.000 Less: Allowance for doubtful accounts 7.000 82,000 $128,000 Inventory 171,000 Prepaid expenses 9,000 $302,000 The following errors in the corporation's accounting have been discovered: 1. January 2022 cash disbursements entered as of December 2021 included payments of accounts payable in the amount of $39,000, on which a cash discount of 2% was taken. 2. The inventory included $27,000 of merchandise that had been received at December 31 but for which no purchase invoices had been received or entered. Of this amount, $12,000 had been received on consignment; the remainder was purchased f.o.b. destination, terms 2/10,n/30 . . . 3. Sales for the first four days in January 2022 in the amount of $30,000 were entered in the sales journal as of December 31, 2021. Of these, $21,500 were sales on account and the remainder were cash sales, 4. Cash, not including cash sales, collected in January 2022 and entered as of December 31, 2021, totaled $35,324. Of this amount, $23,324 was received on account after cash discounts of 2% had been deducted; the remainder represented the proceeds of a bank loan. Instructions (a) Restate the current assets and current liabilities sections of the balance sheet in accordance with good accounting practice. State the net effect of your adjustments on the retained earnings balance