Question: sidual Question 5 (1 point) Saved At December 31, 2020, Grant Corp's auditor discovered the following errors. 1. Accrued salaries payable of $ 11,000 were

sidual Question 5 (1 point) Saved At December 31, 2020, Grant Corp's auditor discovered the following errors. 1. Accrued salaries payable of $ 11,000 were NOT recorded at December 31, 2019. 2. Office supplies on hand of $5,000 at December 31, 2020 had been treated as expense instead of supplies inventory. Neither of these errors was discovered nor corrected. The effect of these two errors would cause 1) 2019 net income to be overstated $ 6,000 and 2020 net income to be understated $ 5,000. O2) 2019 net income and December 31, 2019 retained earnings to be understated $ 11,000 each. 3) 2020 net income to be understated $ 16,000 and December 31, 2020 retained earnings to be understated $ 5.000. 4) None of the other answers are correct. 5) 2020 net income and December 31, 2020 retained earnings to be understated $ 5,000 each

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