The reported net incomes for the first 2 years of Splish Products, Inc., were as follows: 2020, $139,100; 2021, $189,700. Early in 2022, the following errors were discovered.

1. Depreciation of equipment for 2020 was overstated $15,900.

2. Depreciation of equipment for 2021 was understated $36,700.

3. December 31, 2020, inventory was understated $52,300.

4. December 31, 2021, inventory was overstated $16,300.

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

select "No Entry" for the account titles and enter 0 for the amounts.)

Account Titles and Explanation	Debit	Credit
Enter an account title	Enter a debit amount	Enter a credit amount
Enter an account title	Enter a debit amount	Enter a credit amount
Enter an account title	Enter a debit amount	Enter a credit amount

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