The reported net incomes for the first 2 years of Larkspur Products, Inc., were as follows: 2020, $156,100; 2021, $196,600. Early in 2022, the following errors were discovered. 1. Depreciation of equipment for 2020 was overstated $16,400. 2. Depreciation of equipment for 2021 was understated $36,400. 3. December 31, 2020, inventory was understated $45,100. 4. December 31, 2021, inventory was overstated $16,100.
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