3 (5 points] In 2015. Capital Consultants discovered the following emors related to their 2014 financial statement, which stated a net income of $400,000 a inventory of $49.000 was received on December 29, 2014 (and included in the December 31, 2014 physical inventory count) had not been recorded as an account payable until well into January 2015 b. An unscrupulous manager was found attempting to boost revenue by having recorded $53,000 in accounts receivable on December 30, 2014 from a sale that didn't actually occur until January 4, 2016 c Employee incompetence caused some items of inventory to be counted twice for the 2014 fiscal year, overstating by $21,000 What is the comect, retrospectively restated net income? Assume Capital Consultants uses the perpetual inventory method. Ignore income taxes on adjustments to net income. Please make sure your final answer(s) are accurate to the nearest whole number. Net income $ Question 4 [10 points] Velor Inc. wants to prepare interim financial statements for the first quarter of 2015 but would like to avoid making a physical count of inventory During the last five years, the company's gross profit rate has averaged 35%. The following information for the year's first quarter is available from its records Question 3 [5 points] In 2015, Capital Consultants discovered the following errors related to their 2014 financial statement, which stated a net income of $400,000 2015. a. Inventory of $49,000 was received on December 29, 2014 (and included in the December 31, 2014 physical inventory count) had not been recorded as an account payable until well into January b. An unscrupulous manager was found attempting to boost revenue by having recorded $53,000 in accounts receivable on December 30, 2014 from a sale that didn't actually occur until January 4, 2015. c. Employee incompetence caused some items of inventory to be counted twice for the 2014 fiscal year, overstating by $21,000. What is the correct, retrospectively restated net income? Assume Capital Consultants uses the perpetual inventory method. Ignore income taxes on adjustments to net income. Please make sure your final answer(s) are accurate to the nearest whole number. Net income $