Question: Prepare journal entries to correct these errors on December 31, 2024. Ignore income taxes and write None' if no correcting entry is required. Record the

Prepare journal entries to correct these errors on December 31, 2024. Ignore income taxes and write "None' if no correcting entry is required. Record the required correcting entry only. You will lose a few points for unnecessary entries. 1) On January 1, 2023, the company bought a four-year insurance policy for $8,000 and immediately charged the full premium to expense. 2) Ending inventory was overstated by $8,000 on December 31, 22, and overstated by $5,000 on December 31, 2023. 3) On January 1, 2023, a truck was purchased for $105,000. It had a $10,000 estimated residual value and a ten-year life. An expense account was debited on the purchase date. Straight-line depreciation should have been used. 4) Depreciation expense of $10,000 on equipment was mistakenly reported at $1,000 on the 2020 financial statements. This error was found at the beginning of 2024

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