3. A review of the inventory records and reported net income for Glaetzer Corp. found the following information: 17 marks] Reported Net IncomeError in Ending Inventor Year 2014 2015 2016 2017 2018 $50,000 Overstated 52,000 Overstated 54,000 Understated 56,000 No error 60,000 Understated $5,000 9,000 I 1,000 2,000 a. Calculate adjusted net income for the years 2014 through to 2018 [3 marks] b. 2014 was Glaetzer's first year of operations. Calculate the original and adjusted Retained Earnings balance for each of 2014, 2015, 2016, 2017 and 2018. (Note: there have been no other entries in the Retained Earnings account) 4 marks]