Can you please give me a good explanation of the correction for overstatement of net income in prior period? With showing the calculation for it.

Question 1 Presented below is information related to Marin Corp. for the year 2017 Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue $1,397,100 788,400 68,000 54,500 21,400 8,830 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2016 Casualty loss Cash dividends declared Retained earnings at December 31, 2016 Effective tax rate of 34% on all items $84,330 40,100 48,600 43,270 1,028,140 Prepare a multiple-step income statement for 2017. Assume that 62,370 shares of common stock are outstanding. (Round earnings per share to 2 decimal places, e.g. 1.49.) MARIN CORP Income Statement For the Year Ended December 31, 2017 Revenue Net Sales 1397100 Cost of Goods Sold 788400 Gross Profit/ (Loss) 608700 Operating Expenses 68000 Selling Expenses Administrative Expenses Total Operating Expenses 54500 122500 Income From Operations 486200 Other Revenues and Gains Dividend Revenue 21400 Interest Revenue 883 30230 516430