The following errors in the corporation's accounting have been discovered: 1 January 2018 cash disbursements entered as of December 2017 included payments of accounts . payable in the amount of $41,300, on which a cash discount of 2% was taken. 2 The inventory included $28,440 of merchandise that had been received at December 31 but for . which no purchase invoices had been received or entered. Of this amount, $12,670 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 2018 in the amount of $30,480 were entered in the sales . journal as of December 31, 2017. Of these, $23,360 were sales on account and the remainder were cash sales. 4 Cash, not including cash sales, collected in January 2018 and entered as of December 31, 2017, . 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