Columbia Video Sales Ltd. reported the following data. The shareholders are very happy with Columbia's steady increase in net income.

Auditors discovered that the ending inventory for 2015 was understated by $1 million and that the ending inventory for 2016 was also understated by $1 million. The ending inventory for 2017 was correct.

Requirements
1. Show corrected income statements for each of the three years.
2. How much did these assumed corrections add to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income?
3. Will Columbia's shareholders still be happy with the company's trend of net income? Give the reason for your answer.

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G H Columbia Video Sales Ltd. Income Statements for the Years Ended 2 (Amounts in millions) 2017 2016 2015 3 Net sales revenue 4 Cost of goods sold $36 $33 $ 30 Beginning invent Purchases Goods available for sale Less: Ending inventory 26 32 24 29 26 9Cost of goods sold 10 Gross profit 11 Total o 12 Net income 13 23 10 8 25 21 8 8