The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 

2017, $147,000

 2018, $185,000.

 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 $38,500.

3. December 31, 2017, inventory was understated $50,000.

4. December 31, 2018, inventory was overstated $16,200.

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