Question 1 (11 marks) Part A Selected information regarding the accounts of Mini Corporation follows: On January 1, 2021, Mini Corp. incurred maintenance expenses of $160,000. The bookkeeper erroneously recorded this expense as a debit to equipment and proceeded to record yearly straight-line depreciation. The assumed salvage value was $0 and the estimated useful life was ten years. You are the new accountant for this business and you are in the process of preparing the 2022 financial statements when you notice that the $160,000 expenditure was recorded incorrectly and that depreciation had been recorded last year. This error is discovered prior to the recording of depreciation in 2022 . The tax rate is 40%. The unadjusted balance in retained earnings at January 1,2022 was $1,500,000. The company had a net income after tax of $120,000 and paid dividends of $75,000 during 2022 . Required: a) Calculate the earnings correction that Mini must show in the 2022 financial statements. b) Prepare the 2022 entry to record the correction of the 2021 error. c) Present the retained earnings reconciliation that would appear on MiniCorp.'s statement of changes in equity