Young Corporation discovered in 2019 that it had incorrectly recorded in 2018 a cash payment of $60,000 for utilities expense. The correct amount of the utilities expense was $65,000. Requirements 1. Determine the effect of the error on the accounting equation in 2018. 2. How should this error be reported in the 2019 financial statements? Requirement 1. Determine the effect of the error on the accounting equation in 2018. In 2018, the error utilities expense and L by $ D equity would be . In 2018, total stockholders' 2018, total stockholders' Requirement 2. How should this error be reported in the 2019 financial statements? The error would be designated as a Jas in 2019