Travis Corporation has just completed its nancial statements for the reporting year ended December 31, 20x5- The pretax income amount is $160,000. The accounts have not been closed for December 31, 2035. Further consideration and review of the records revealed the following items related to the 20x5 statements: a. On January 1, 20x1, a machine was acquired that cost $10,000. The estimated useful life was 10 years, and the residual value was $2,000. At the time of acquisition, the full cost of the machine was incorrectly debited to the land account. Use straight-line depreciation. b. On January 1, 20x3, a long-term investment of $18,000 was made by purchasing a $20,000, 8% bond of XT Corporation. The investment account was debited for $18,000. Each year, starting on December 31, 20x3, the company has recognized and reported investment revenue on these bonds of $1,600. The bonds mature in 10 years from the date of purchase. Assume any amortization would be straight line and the net method is used to record the investment