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Pieter Uways & Rekan Registered Publie Accountants Name Date of Brth yunvor mwinor 3 rnin Corporation had S580.000 nventory was priced at cost. In February year 2. it was determned that the inventory cost was owerstated by $50 000 000 in ewentory, which was based on a phrysical count at December 31, year . The Juate from Uw total GPA gpod time m pany. I intera which was Indicane the lets of the iwentory overstalement in the year 1 and year 2 fnancial staements try compiening the folowing table. Mark each item overstate, understate, or OK Year 1 Effects Overstate Understate Year 2 Effects Overstate UnderstateO inventory on balance sheet Cost of goods sold opy of m my skill waiting f Retained earnings 4 The audltors of Wasis Company have found the follawing errors in the compamy's accourting records indicate how the error wil affect the current years francal statements by enoorgsn0in the and "U' in the column for understate Retained Net Assets Liabilities Earning Income OCi a. Wasis fails to record a sale on account for $8,000 b. The inventory was miscounted at year-end and overstated by $5,000 c. Wasis fails to record depreciation expense of $3.500 for the year d. The company receives a utility bil for $400 on December 29, but fails to record the e. Available-for-sale securities were not marked to market. Later analysis reveals that the securities in creased in value by year. Wasis does not elect the fair value option for any of ts available-for-sale securities f. Wasis fails to accrue wages of $17,000 at the end of the year Trading securities were not marked to market. Later analysis reveals that the securities declined in value by $8,000 as of the end o the current year g