accounting

Prepare a journal entry to correct the error. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. 1. Indicate in the table below which accounts are incorrect as a result of these errors at January 1,2024 and whether those accounts are understated or overstated. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. Will Wilkins account for the error (a) retrospectively or (b) prospectively? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Will Wilkins account for the error (a) retrospectively or (b) prospectively? Wilkins Food Products Incorporated acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2022. In payment for the machine Wilkins issued a three-year installment note to be paid three equal payments at the end of each year. The payments include interest at the rate of 15%. Lawrence made a conceptual error preparing the amortization schedule, which Wilkins failed to discover until 2024. As a result of the error, Wilkins understated interest expense by $62,000 in 2022 and $57,000 in 2023 . Required: 1. Indicate in the table below which accounts are incorrect as a result of these errors at January 1,2024 and whether those accounts are understated or overstated. (Ignore income taxes.) 2. Prepare a journal entry to correct the error. 3. Will Wilkins account for the error (a) retrospectively or (b) prospectively? Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Indicate in the table below which accounts are incorrect as a result of these errors at January 1,2024 and whether those accounts are understated or overstated. (Ignore income taxes.)