Blanket inc reported net incomes for the last three years as follows:

2016, $62,000 2017, $63,000 2018, $60,000

In reviewing the accounts in 2019 (after the books for the prior year had been closed), you find that the following errors have been made:

2016 2017 2018

Overstatement of ending inventory $7,000 $8,500 $4,000

Understatement of accrued advertising expense $1,100 $2,000 $1,200

A) How do you calculate the corrected incomes for 2016, 2017 and 2018?

B) Which entries would be required in 2019 to correct the books with ignoring income taxes?

Please show calculations so that I am able to practice and learn how to do it properly