Suresh Import, Inc. reported the following amounts in its financial statements: In making the physical count of

Question:

Suresh Import, Inc. reported the following amounts in its financial statements:

In making the physical count of inventory, the following errors were made:
(1) Inventory on Dec. 31, 2014: did not count a section of inventory, $45,000.
(2) Inventory on Dec. 31, 2015: included $32,000 of goods that were sold and set aside to be shipped the next day.
Requirements
For each of the preceding financial statement items€”(a), (b), (c), and (d)€”prepare a schedule and show the adjustments that would have been necessary to correct the reported amounts.