Kelley Company reported net income of \(\$ 358,050\) for \(1998, \$ 371,400\) for 1999 , and \(\$ 325,800\) for 2000, using the incorrect inventory amounts shown for December 31, 1998, and 1999. Recently, Kelley corrected the inventory amounts for those dates. Kelley used the correct December 31, 2000, inventory amount in calculating 2000 net income.

Required 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 $72,600 $85,200 84,000 70,200