Use the following information for questions.
Shanti Inc.is a calendar-year corporation.Its financial statements for the years 2018 and 2017 contained errors as follows: 
-Assume that no correcting entries were made at December 31, 2017.Ignoring income taxes, by how much will retained earnings at December 31, 2018 be overstated or understated?
Definitions:
Probability
A measure of the likelihood that an event will occur, expressed as a number between 0 and 1.
Random Experiment
A process or action that leads to different outcomes, often uncertain and subject to chance.
Intersection
The point or set of points where two or more geometric figures, lines, or surfaces meet or cross.
Independent Events
Two or more events that do not affect the outcome of each other in a statistical experiment.
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