Effects of Errors on Net Income
Hummingbird Corp In Addition, on December 26, 2020, Fully Depreciated Equipment Was

Effects of errors on net income
Hummingbird Corp. began operations on January 1, 2019. Financial statements for 2019 and 2020 contained the following errors: $\begin{array}{lcc} & \text { Dec. 31, 2019 } & \text { Dec. 31, 2020 } \\ \text { Ending inventory } & \$ 20,000 \text { too high } & \$ 35,000 \text { too high } \\\text { Depreciation expense } & 16,000 \text { too low } & - \\\text { Accumulated depreciation } & 16,000 \text { too low } & 16,000 \text { too low } \\\text { Insurance expense } & 14,000 \text { too high } & 10,000 \text { too low } \\\text { Prepaid insurance } & 14,000 \text { too low } & 4,000 \text { too low }\end{array}$ 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.