At the end of his first business year, Craig Stevens counted and priced the inventory. A few very high-value items were hidden in a dark corner of the storage shelves and Craig understated his 20X5 ending inventory by $13,000. His business financial statements and his tax return were affected. Assume a 20% tax rate Requirements I. Calculate the effect on taxable income, taxes, net income, and retained earnings for 20X5. 2. Repeat requirement 1 for 20X6, assuming the 20X6 ending inventory is correctly calculated. Requirement 1. Calculate the effect on taxable income, taxes, net income, and retained earnings for 20X5. Prepare the tabulation for 20X5 that indicates whether each item in the income statement is "Correct", "Too high" or "Too low" and by how much. (If a balance is correct, leave the amount column blank. Do not enter a"O".) 20X5 Effect Amount Beginning inventory Cost of goods available Ending inventory Cost of goods sold Taxable income Income tax expense Net income Retained earnings Requirement 2. Repeat requirement 1 for 20X6, assuming the 20X6 ending inventory is correctly calculated. (If a balance is correct, leave the amount column blank. Do not enter a "o) Choose from any list or enter any number in the input fields and then continue to the next