Error Analysis and Correction. Greer Incorporated discovered the following errors on the books at the beginning of 2015:
a. Maintenance expense on account was overstated by $ 20,000 in 2013 and understated by $ 30,000 in 2014. The payables for both years are still unpaid.
b. Depreciation expense was overstated by $ 55,000 in 2013 and understated by $ 70,000 in 2014.
c. Ending inventory was understated by $ 120,000 in 2013 and overstated by $ 178,000 in 2014.
Required
Prepare the entry required to correct these entries in 2015 when they are discovered, assuming that books are closed for both 2013 and 2014. Greer does not prepare comparative statements.