(Learning Objective 5: Correcting an inventory error) Harbour Master Marine Supply reported the following comparative income statement for the years ended September 30, 20X6, and 20X5:

■ spreadsheet Harbour Master’s president and shareholders are thrilled by the company’s boost in sales and net income during 20X6. Then the accountants for the company discover that ending 20X5 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 20X6, as compared with 20X5?