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16. 712t teas inmbit. Mead to fiedinting Data table Data table crease in net income. However, auditors discovered that the ending inventory for 2019 was
16. 712t teas inmbit. Mead to fiedinting Data table Data table crease in net income. However, auditors discovered that the ending inventory for 2019 was understateo r each of the three years. (Enter all amounts in millions as provided in the question.) Store amount: Requirements 1. Show corrected income statements for each of the three years. 2. How much did these assumed corrections add to or take away from Salem's total net income over the three-year period? How did the corrections affect the trend of net income? 3. Will Salem's shareholders still be happy with the company's trend of net income? Explain. The acoounting records of Salem Home Stoce show these data (in millons): (Click the kan to viow the income statements.] The shareholders aro wory happy with Salenis stoady incroase in not income. However, audilors discovered that the ending inventory for 2019 was undentated by 55 milion and that the ending invontory for 2020 was understated by $6 milion. Tho ending inveriory at Decomber 31,2021 , was comect. Read the noquiremants Requirement 1. Show corrected income statements for each of the thwoe yoars. (Enter all antounts in millons as providod in the quenten) Requirement 1. Show corrected income statements for each of the three years. (Enter all amounts in
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