The reported net incomes for the first 2 years of Monty Products, Inc., were as follows: 2017, $152,300; 2018, $201,200. Early in 2019, the following errors were discovered.

1.		Depreciation of equipment for 2017 was overstated $17,000.
2.		Depreciation of equipment for 2018 was understated $36,400.
3.		December 31, 2017, inventory was understated $54,200.
4.		December 31, 2018, inventory was overstated $16,100.

Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)