Correction of errors. Valentine Company reported net incomes for a two-year period as follows: 2017 $ 201,000; 2018 $ 175,000. In reviewing the accounts in 2019 before the books for 2018 were closed, you find that the following errors were made in summarizing activities: Overstatement of ending inventory 2017 - $49,000 & 2018 - $31,000 Understatement of accrued interest expense 2017 - $24,000 & 2018 - $ 12,000 Instructions (a) Determine correted net incomes for 2017 and 2018 (b) Record the entries that would be made to correct the errors, assuming that the books for 2018 are still open