Wilkins Food Products, Inc., acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2019. In payment for the machine Wilkins issued a three-year installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 8%. Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2021. The error had caused Wilkins to understate interest expense by $49,000 in 2019 and $44,000 in 2020. Required: 1. Determine which accounts are incorrect as a result of these errors at January 1, 2021, before any adjustments, (ignore income taxes). 2. Prepare a journal entry to correct the error. OOK int Complete this question by entering your answers in the tabs below. int Required 1 Required 2 Prepare a journal entry to correct the error. (If no entry is required for a transaction/event, select "No journal entry required in the first ences account field.) View transaction Hist Journal entry worksheet Record the error correction on January 1, 2021. Note: Enter debits before credits Event General Journal Debit Credit 1 Record entry Clear entry View general Journal