The reported net incomes for the first 2 years of Sinclair Products, Inc., were as follows: 2010, $147,000; 2011, $185,000. Early in 2012, the following errors were discovered. 1. Depreciation of equipment for 2010 was overstated $19,000. 2. Depreciation of equipment for 2011 was understated $38,500. 3. December 31, 2010, inventory was understated $50,000. 4. December 31, 2011, inventory was overstated $14,200. Instructions: Prepare the correcting entry necessary when these errors are discovered. Assume that the books for 2011 are closed. (Ignore income tax considerations.) (For multiple debit/credit entries, list amounts from largest to smallest eg 10, 5, 3, 2.)