22-16 (Error Analysis and Correcting Entry) You have been engaged to review the financial statements of Longfellow Corporation. In the course of your examination you conclude that the bookkeeper hired dur- ing the current year is not doing a good job. You notice a number of irregularities as follows. 1. Year-end wages payable of $3,400 were not recorded because the bookkeeper thought that they were immaterial. 2. Accrued vacation pay for the year of $31,100 was not recorded because the bookkeeper never heard that you had to do it. 3. Insurance for a 12-month period purchased on November 1 of this year was charged to insurance expense in the amount of $3,300 because the amount of the check is about the same every year. 4. Reported sales revenue for the year is $1,908,000. This includes all sales taxes collected for the year. The sales tax rate is 6%. Because the sales tax is forwarded to the states Department of Revenue, the Sales Tax Expense account is debited. The bookkeeper thought that the sales tax is a selling expense. At the end of the current year, the balance in the Sales Tax Expense account is $103,400. Instructions Prepare the necessary correcting entries, assuming that Longfellow uses a calendar-year basis