A company's financial statement shows a net income of $500,000 for the year ended December 31, 2022. The company's auditor found that the inventory value was overstated by $100,000 due to a counting error. In addition, the auditor found that the company had recorded a non-cash expense of $50,000 for depreciation that should not have been recorded. Calculate the corrected net income and the impact of these adjustments on the company's earnings per share (EPS) if the company has 200,000 outstanding common shares.