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You were engaged for the rst the tame to audit the nancial statement of Vivar corporation for period ended December 31,2019. The company started its operation in 201?. In reviewing the books, the auditor discovered that certain adjustments had either been overlooked or improperly recorded at the end of years to 2016. Omissions and other failures for each year are summarized below: December 201? 2013 I Omissions of the following yearend accruals/ deferrals a. Accrued utilities expense 5,000 b. Accrued interest income 4,000 c. Unearned royalty income 8,000 I Overstatement in yearend inventories 9,000 I Understatement in yearend inventories 4,000 I Organization costs incurred in the startup of the business at the beginning of 201was capitalized by the company as an intangible asset and has been amortized for 5 years 50,000 I Major repairs on the company's equipment were recognized as outright expenses. The company depreciates equipment at 20% per annum, but depreciation in the year of the expenditure 35,000 is at 10%. The company's books also revealed the following information: 201 I" 2018 Accumulated Prots, unadjusted 235,000 691,000 Prot unadjusted 345,000 586,000 Dividends declared and distributed 110,000 130,000 5. Compute for the adjusted prot for 201?. 6. Compute for the adjusted accumulated prots balance at the end of 2018