tion 9 - Unit 3 AS: Exercises X + C ezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253%252F%252Fnewconnect.mheducation.com%252F#/activity/question-group/kEZASsBkEPsa... Connect Close Browser Bl Blackboard Learn| |Bb Course Content -2... X xFinity | Portal Citing a Website in... Unit 3 AS: Exercises and Problems (Connect) i Saved Help Save & Exit Su Check my work mode : This shows what is correct or incorrect for the work you have completed so far. It does not indicate completion. Return to questi 9 Wilkins Food Products, Inc., acquired a packaging machine from Lawrence Specialists Corporation. Lawrence completed construction of the machine on January 1, 2019. In payment for the machine Wilkins issued a three-year installment note to be paid in three equal payments at the end of each year. The payments include interest at the rate of 9%. 7 points Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2021. The error had caused Wilkins to understate interest expense by $65,000 in 2019 and $60,000 in 2020. Required: 1. Determine which accounts are incorrect as a result of these errors at January 1, 2021, before any adjustments. (Ignore income taxes). 2. Prepare a journal entry to correct the error. x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a journal entry to correct the error. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Event General Journal Debit Credit Mc Graw Previl 19 of 10 Next > Type here to search O 50'F Sunny ~ 9 0 6 4/1account field.) Prepare a journal entry to correct the error. (If no entry is required for a transaction/event, select "No journal entry requ View transaction list Journal entry worksheet Record the error correction on January 1, 2021. Note: Enter debits before credits. Event General Journal Debit Credit View general journal Record entry Clear eat NextRequirea: 1. Determine which accounts are incorrect as a result of these errors at January 1, 2021, before any adjustments. (Ignore 2. Prepare a journal entry to correct the error. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine which accounts are incorrect as a result of these errors at January 1, 2021, before any adjustments. (Ignore income taxes). (Select. all that apply. ) Note payable understated Retained earnings understated 2019 Interest expense overstated. 2019 Interest expense understated Retained earnings overstated. Note payable overstated. 2020 Interest expense overstated. 2020 Interest expense understated. Required 2