During 2017 XYZ Corp. discovered the following errors: 1- Company failed to record depreciation for the...

  

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During 2017 XYZ Corp. discovered the following errors: 1- Company failed to record depreciation for the machine since its acquisition. The company acquired the equipment on July 1, 2015 from National Manufacturer at $16000. The estimated useful life of 5 years and estimated residual value of $1000 company uses the SYD method. 2- Failed to record sale of treasury shares at $2000 at cash (its original cost $1600) during 2016. 3- Failed to adjust non-trading securities dawn ward by S1500 at end of 2016. A) - Show the dollar amount impact, if any, and the nature of the effect (overstatement or understatement or no effect) of these accounting errors on the following financial statement items(company subject to 20% tax rate). : FS items The impact on reporting value Net income 2016 Other comprehensive income (OCI) for 2016 Owners Equity Dec. 31 2016 Accum. Comprehensive income Dec.31 2016 Total assert Dec. 31 2016 RE Dec.31 2016 During 2017 XYZ Corp. discovered the following errors: 1- Company failed to record depreciation for the machine since its acquisition. The company acquired the equipment on July 1, 2015 from National Manufacturer at $16000. The estimated useful life of 5 years and estimated residual value of $1000 company uses the SYD method. 2- Failed to record sale of treasury shares at $2000 at cash (its original cost $1600) during 2016. 3- Failed to adjust non-trading securities dawn ward by S1500 at end of 2016. A) - Show the dollar amount impact, if any, and the nature of the effect (overstatement or understatement or no effect) of these accounting errors on the following financial statement items(company subject to 20% tax rate). : FS items The impact on reporting value Net income 2016 Other comprehensive income (OCI) for 2016 Owners Equity Dec. 31 2016 Accum. Comprehensive income Dec.31 2016 Total assert Dec. 31 2016 RE Dec.31 2016