son 32 vet end On 12/31/22. the Cheboygan Company paid $4000 of prepaid instance and expensed the entre amount. The policy covered the period 1316 12/31/26 The error was discovered on 1/10/27: the 2026 books are dosed. The correcting joumal entry will include what entry to 1/1/27 Retained ins? ts out of ition Select one o $3.000 debit Ob $3,000 credit O c. $1.000 debit O d. 51.000 credit O e No journal entry needed 33 Straightarm Inc. is a calendar year corporation. Its financial statements for the years ended 12/31/24 and 12/31/25 contained the following errors ed ut 2024 2025 $24.000 overstatement Ending inventory Depreciation expense $75,000 understatement 56000 understatement $12.000 understatement Failed to record Uneamed Revenue at 12/31/25:57,000 Straightarm declared a cash dividend of 511,000 on 12/31/25. No journal entry was made in 2025. The dividend was pad on 1/3/26 Straigham debied letined Earnings and credited Cash 2026 Net Income is in error ty Select one: O W $31.000 O 524,000 0 $21,000 O d. 517,000 1,520.000