The reported net incomes for the first 2 years of Sandra Gustafson Products, Inc., were as follows: 2014, $144,240; 2015, $181,930. Early in 2016, the following errors were discovered. 1.Depreciation of equipment for 2014 was overstated $16,720. 2.Depreciation of equipment for 2015 was understated $37,930. 3.December 31, 2014, inventory was understated $49,170. 4.December 31, 2015, inventory was overstated $15,900. Prepare the necessary journal entries assuming the books are closed.