Lawrence made a conceptual error in preparing the amortization schedule, which Wilkins failed to discover until 2021. The error had caused Wilkins to understate interest expense by $52,000 in 2019 and $47,000 in 2020. Required: 1. Determine which accounts are incorrect as a result of these errors at January 1, 2021, before any adjustments. (Ignore income taxes). 2. Prepare a journal entry to correct the error.

Lester's fried chick'n purchased its building 11 years ago at a cost of $189,000. the building is currently valued at $209,000. the firm has other fixed assets that cost $56,000 and are currently valued at $32,000. to date, the firm has recorded a total of $49,000 in depreciation on the various assets it currently owns. current liabilities are $36,600 and net working capital is $18,400. what is the total book value of the firm's assets? $251,000 $241,000 $232,600 $214,400 $379,000