The reported net incomes for the first years of Blue Products, Inc., were as follows: $;$ Early in the following errors were discovered.
Depreciation of equipment for was overstated $
Depreciation of equipment for was understated $
December inventory was understated $
December inventory was overstated $
Prepare the correcting entry necessary when these errors are discovered. Assume that the books are closed. Ignore income tax considerations.Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry" for the account titles and enter for the amounts.
Account Titles and Explanation
Debit
Credit
