The following errors were discovered on the books of Shamrock Inc., during the preparation of the 2020 financial statements, prior to the books being closed for the year.

(a)		$16,200 of goods held on consignment from Stevens Co were counted as part of Shamrocks inventory at the end of fiscal 2019. The goods were not sold during fiscal 2020, and were returned to Stevens Co. They were not part of the fiscal 2020 year-end inventory count. Assume a perpetual inventory system in this case.
(b)		Goods worth $22,500 were shipped FOB destination on December 29, 2019 and were received by the customer on January 5, 2020. Revenue was recorded in fiscal 2019, when the goods were shipped. Assume a periodic inventory system is being used in this case. The goods shipped were included in the ending inventory count in 2019.
(c)		During the first week of January 2018, equipment was purchased for $21,700. The entire purchase was recorded with a debit to Repairs and Maintenance Expense, and a credit to cash. At the time of purchase, Shamrock expected to keep the equipment for four years, and then to sell it for $4,340. Shamrock uses the straight-line method of depreciation for equipment.

Prepare the journal entries required to correct the above errors, assuming that Shamrock follows IFRS. Ignore income tax for this problem.

No. Account Titles and Explanation Debit Credit | Accounts Payable Inventory 16200 Retained Earnings Inventory 22500 TEquipment Retained Earnings 21700 Depreciation Expense Accumulated Depreciat 4340 (To correct for prior year error and record current year depreciation.)