By The Sea Marine Supply reported the following comparative income statements for the years ended April 30, 2016, and 2015 By The Sea's president and shareholders are thrilled by the company's boost in sales and net income during 2016. Then the accountants for the company discover that ending 2015 inventory was understated by exist5,000. Requirement Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did By The Sea Marine Supply really perform in 2016 as compared with 2015? Prepare the corrected comparative income statement for the 2-year period. By The Sea Marine Supply Income statements (corrected) Years Ended April 30, 2016 and 2015