You have been asked to examine the financial records of Cardinal Company for the year ended December $31,2023,$ because their bookkeeper, a GVSU graduate, may have made several mistakes over the years. Please record the correcting journal entries for the following errors and show any supporting computations$/$work$.$

$1.$ On January $1,2020,$ Cardinal Company purchased a new forklift for $$10,000,$ paying cash. The bookkeeper recorded this as an expense, and subsequently also did not record any depreciation. In effect, after recording the initial acquisition as an expense, the bookkeeper did nothing regarding the forklift. The forklift should have been capitalized, given an $8-$year life, $zero salvage value, and depreciated using the straight$-$line approach.

$2.$ At the end of $2022,$ Cardinal provided services to a client for which Laker would be paid until the engagement was finished. Cardinal charges $$340$ an hour for their services, and as of December $31,2022,$ they had worked $14$ hours on the project $($$$4,760).$ On January $8,2023,$ they completed the project, working a total of $20$ hours $($$$6,800).$ The client paid the entire $$6,800$ on January $8.$ Here is the problem, Cardinal$$s bookkeeper did not accrue the service revenue at the end of $2022,$ and instead recorded the entire revenue when the cash payment was received on January $8,2023.$

$3.$ On December $28,2023,$ Cardinal sold equipment for $$3,700$ cash. The equipment originally cost $$25,000,$ and $$22,000$ depreciation had correctly been recorded. The bookkeeper debited cash and credited revenue.