THRALL SLAVE Company made the following errors:

a.) December 31, 2021 inventory was understated by 25,000. b.) December 31, 2022 inventory was understated by 40,000. c.) Purchases on account in 2021 were understated by 100,000 (not included in the physical account). d.) Advances to suppliers in 2022 totaling 130,000 were inappropriately charged as purchases. e.) December 31, 2021 prepaid insurance was overstated by 5,000. f.) December 31, 2021 unearned rent income was overstated by 26,000. g.) December 31, 2022 interest receivable was understated by 17,000. h.) December 31, 2022 accrued salaries payable was understated by 30,000. i.) Advances from customers in 2022 totaling 60,000 were inappropriately recognized as sales but the goods were delivered in 2023. j.) Depreciation expense in 2021 was overstated by 7,200. k.) In 2022, the acquisition cost of a delivery truck amounting to 90,000 was inappropriately charged as expense. The delivery truck has a useful life of five years. THRALL SLAVE'S policy is to provide a full year's straight line depreciation in the year of acquisition and none in the year of disposal. l.) A fully depreciated equipment with no residual value was sold in 2023 for 50,000 but the sale was recorded in the following year.

Profits before correction of errors were 123,000, 156,000 and 210,000 in 2021, 2022 and 2023, respectively.

Retained earnings before the correction of errors were 1,123,000, 1,279,000 and 1,489,000 in 2021, 2022 and 2023 respectively.

Requirements: Ignoring income taxes, computer the following:

1) The net effect of the errors on the following: a. 2021, 2022 and 2023 profit b. 2021, 2022 and 2023 year-end retained earnings c. 2021, 2022 and 2023 year-end working capital 2) The corrected profits for the years 2021, 2022 and 2023. 3) The corrected retained earnings for the years 2021, 2022 and 2023. 4) Provide all necessary correcting entries assuming the errors were discovered in 2023 while the books in 2023 are still open. 5) Provide all necessary correcting entries assuming the errors were discovered in early in 2024 after the books in 2023 are already closed.