The reported net incomes for the first 2 years of Stellar Products, Inc., were as follows: 2020, $151,800; 2021, $198,000. Early in 2022, the following errors were discovered. 1. Depreciation of equipment for 2020 was overstated $17,900. 2. Depreciation of equipment for 2021 was understated $42,300. 3. December 31, 2020, inventory was understated $51,500. 4. December 31, 2021, inventory was overstated $15,500. Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. (Ignore income tax considerations.)