Effects of errors on net income
Hummingbird Corp. began operations on January 1, 2019. Financial statements for 2019 and 2020 contained the following errors: 
In addition, on December 26, 2020, fully depreciated equipment was sold for $ 19,000, but the sale was not recorded until 2021. No corrections have been made for any of the errors.
Instructions
Ignoring income tax, show your calculation of the total effect of the errors on 2020 net income.
Definitions:
Residential Housing
Properties used specifically for dwelling purposes, including houses, apartments, and townhomes.
Mortgage Payments
These are regular payments made by a borrower to a lender, typically consisting of both principal and interest, for the loan used to purchase property.
Present Value
The present-day valuation of a future lump sum or cash flow sequence, taking into account a defined rate of return.
Discounting Periods
The intervals at which cash flows are discounted back to their present value in financial analysis.
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