Harbour Master Marine Supply reported the following comparative income statement for the years ended September 30, 2010, and 2009:

Harbour Masters President and shareholders are thrilled by the company€™s boost in sales and net income during 2010. Then the accountants for the company discover that ending 2009 inventory was understated by $7,000. Prepare the corrected comparative income statement for the two-year period, complete with a heading for the statement. How well did Harbour Master really perform in 2010, as compared with2009?

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Harbour Master Marine Supply Income Statements For the Years Ended September 30, 2010, and 2009 2010 2009 Sales revenue $139,000 $121,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory... Cost of goods sold $12,000 69,000 81,000 (13,000) S 13,000 18,500) 68,500 70,500 26,000 44,500 68,000 53,000 19,000 $ 34,000 Gross profit Operating expenses