Use the following information to determine the adjustments, if any, to ICO.

$($Hint: if you are adjusting ICO, should the adjustments be pre$-$tax or net of tax?$)$

If you need to increase ICO, enter your answer as a positive number; for instance: $3000$

If you need to decrease ICO, enter your answer as a negative number; for instance: $-3000$

If you determine no change is needed to ICO; enter $0.$

Put your answers in the provided boxes.

On May $1,2019,$ Matador received $$337,800$ for the sale of merchandise to a customer. The contract specified that Matador would deliver their product in equal monthly quantities over $60$ months. When Matador recorded the sale the bookkeeper credited a nominal account. No adjusting or correcting entries were made and the bookkeeper

realized the error after $2022$ ICO was calculated. Determine the adjustment to ICO. Matador has a corporate tax rate of $30\%.$

Using the information in Question $5,$ determine the prior period adjustment to Retained Earnings that Matador will record in a journal entry for $2022.$ Matador has a corporatetax rate of $30\%.$