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During its first four years of operation, Teal Co. reported the following net income. 2015 $89,100 2016 142,300 2017 166,300 2018 241,000 Teal is undergoing

During its first four years of operation, Teal Co. reported the following net income.

2015 $89,100
2016 142,300
2017 166,300
2018 241,000

Teal is undergoing its first financial statement audit. The external auditors noted the following: 1. In early 2018, Teal Co. changed its estimate of bad debt expense from 2.5% of sales to 2.0% of sales. The company therefore adjusted its net income upward for 2015 through 2017 by the following amounts.

2015 $2,200
2016 4,100
2017 4,800

2. The auditor discovered that ending inventory was misstated as indicated below for the years ending 2015 and 2017:

Year Amount of misstatement Direction of misstatement
2015 $19,100 Overstatement
2017 $14,500 Understatement

Calculate net income to be reported in Teals comparative income statements for the years 2015 to 2018.

Teal Co. Comparative Income Statements For the Years 2015 through 2018
2015 2016 2017 2018
Net Income $enter a dollar amount $enter a dollar amount $enter a dollar amount $enter a dollar amount

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