With explanation for each error. Thank you.

Roxas Company reported the following net income: 2018 - P1,750,000 2019 - P2,000,000 An examination of the accounting records for the year ended December 31, 2019 revealed that several errors were made. The following errors were discovered: The footings and extensions showed that the inventory on December 31, 2018 was overstated by P190,000. Prepaid insurance of P120,000 applicable to 2020 was expensed in 2019. Interest receivable of P20,000 was not recorded on December 31, 2019. . On January 1, 2019, an equipment costing P400,000 was sold for P220,000. At the date of sale, the equipment had accumulated depreciation of P240,000. The cash received was recorded as miscellaneous income in 2019. . In addition, depreciation was recorded for the equipment for 2019 at the rate of 10%. Required: 1. Prepare worksheet showing corrected net income for 2018 and 2019. 2. Prepare adjusting entries on December 31, 2019 assuming (a) books are still open and (b) books are already closed