During its first four years of operation, Vaughn Co. reported the following net income. 2015 2016 2017 2018 $89,500 144,800 171,000 233,400 Vaughn is undergoing its first financial statement audit. The external auditors noted the following: 1. In early 2018, Vaughn 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 2016 2017 $2,000 4,000 5,500 2. The auditor discovered that ending inventory was misstated as indicated below for the years ending 2015 and 2017: Amount of Direction of Year misstatement misstatement 2015 $20,700 Overstatement 2017 $17,300 Understatement Calculate net income to be reported in Vaughn's comparative income statements for the years 2015 to 2018. Vaughn Co. Comparative Income Statements For the Years 2015 through 2018 2016 2017 2015 2018 IX ... Net Income 216100