Your answer is partially correct. The following errors were discovered on the books of Concord Inc., during the preparation of the 2020 financial statements, prior to the books being closed for the year. (a) $14,400 of goods held on consignment from Stevens Co were counted as part of Concord's inventory at the end of fiscal 2019. The goods were not sold during fiscal 2020, and were returned to Stevens Co. They were not part of the fiscal 2020 year-end inventory count. Assume a perpetual inventory system in this case. (b) Goods worth $25,300 were shipped FOB destination on December 29, 2019 and were received by the customer on January 5, 2020. Revenue was recorded in fiscal 2019, when the goods were shipped. Assume a periodic inventory system is being used in this case. The goods shipped were included in the ending inventory count in 2019. (c) During the first week of January 2018, equipment was purchased for $19,200. The entire purchase was recorded with a debit to Repairs and Maintenance Expense, and a credit to cash. At the time of purchase, Concord expected to keep the equipment for four years, and then to sell it for $3,840. Concord uses the straight-line method of depreciation for equipment. Prepare the journal entries required to correct the above errors, assuming that Concord follows IFRS. Ignore income tax for this problem. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Debit Credit No. Account Titles and Explanation (a) Accounts Payable 14400 Inventory 14400 (b) Retained Earnings 25300 25300 Equipment 19200 Depreciation Expense 7680 Repairs and Maintenance Expense 7680 Accumulated Depreciation - Equipment 19200 (To correct for prior year error and record current year depreciation.)