Comparative statements for Bodie Corporation are as follows:

In 2010, Bodie Corporation discovers that ending inventory for 2009 was understated by $11,000.
Prepare comparative income and retained earnings statements for 2009 and 2010.
Ignore income tax effects, and assume that the 2010 books have not beenclosed.

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Bodie Corporation Income Statements and Statement of Retained Earnings For the Years Ended December 31 2010 2009 Sales Cost of goods sold $4,600,000 $4.350.000 2.305,500 $2.254,000 $2044,500 1533,000 511.500 $1,077,500 511,500 57000) (148,000) $1441,000 2.346,000 Gross profit Expenses Net income 1598,000 S 656,000 $1,441,000 Beginning retained earnings Net income Dividends 656,000 Ending retained earnings $1,940,000