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 109 . Lawrence made a conceptuat error in preparing the amortization schedule, which Wilins falled to discover until 2021. As a result of the erroc, Wilkins understated interest expense by $63,000 in 2019 and $58,000 in 2020 . Required: 1. Indicate in the table below which accounts are incorrect as a result of these errors at January 1, 2021 and whether those accounts ate understated of overstated. (lgnore income taxes.) 2. Prepare a journal entry to correct the errot. 3. Will Wilkins account for the entor (a) retrospectivety or (b) prospectively