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Insight Ltd, a publisher, provided the following information from its accounting records for the year ended December 31, 2020: $1,720,000 Inventory at December 31, 2020 (based on a physical count of goods in Insight's warehouse, at cost, on December 31, 2020) Accounts receivable at December 31, 2020 300,000 Net sales (sales less sales returns) 8,550,000 5,000,000 Cost of Goods Sold Retained Earnings at December 31, 2020 (before books have been closed) 1.200,000 Additional information: 1. Included in the physical count were books billed to a customer f.o.b. shipping point on December 31, 2020. These books had a cost of $30,000 and were billed and recorded as sales at $50,000. The shipment was on Insight's loading dock waiting to be picked up by the common carrier. 2. Work-in-process inventory costing $38,000 was sent to an outside processor for special printing on December 30, 2020. This was excluded from the inventory count. 3. The accounting department identified that inventory, valued at $1,000, held on consignment by Insight Ltd. was included in the December 31, 2020 count. 4. The accounting department found that the December 31, 2018 inventory had been understated by $51,000 due to an inexperienced accountant. Required: Complete the table below by preparing a schedule of adjustments to the initial amounts in Insight's accounting records as at December 31, 2020. Show separately the adjustment required, if any, based upon the four items listed above under Additional information. If no adjustment is required for any of the above four items, write "NONE" in the appropriate column. Disregard income taxes. Insight Ltd. Schedule of Adjustments 31-Dec-20 Accounts Net Sales Receivable $300.000 $8.550.000 Inventory Cost of RE Goods Sold $5,000,000 $1.200.000 $1,720.000 Initial amounts Adjustments: 2 3 4 Total adjustments Adjusted amounts

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