Harris Company reported net income of \(\$ 312,000\) for \(1998, \$ 324,000\) for 1999 , and \(\$ 348,000\) for 2000, using the incorrect inventory amounts shown for December 31, 1998, and 1999. Recently Harris corrected these inventory amounts. Harris used the correct December 31, 2000 , inventory amount in calculating 2000 net income.

Prepare a schedule that shows: \((a)\) the reported net income for each year, \((b)\) the amount of correction needed for each year, and

(c) the correct net income for each year.

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Incorrect Correct December 31, 1998 December 31, 1999 $96,000 $108,000 91,200 84,000