Eat Well Grocery reported the following comparative income statements for the years ended November 30,2025 and 2024 : (Ctick the icon to view the comparative income statements.) During 2025Eat WelGrocery discovered that ending 2024 merchandise inventory was overstated by $1,000. Read the requirements: Requirement 1. Prepare corrected income statements for the two years. Data table \begin{tabular}{|c|c|c|c|c|c|c|} \hline \multicolumn{7}{|c|}{\begin{tabular}{c} Eat Well Grocery \\ Income Statements \\ Years Ended November 30,2025 and 2024 \end{tabular}} \\ \hline & & 2025 & & & 2024 & \\ \hline Net Sales Revenue & & $ & 144,000 & & $ & 124,000 \\ \hline Cost of Goods Sold: & & & & & . & \\ \hline Beginning Merchandise Inventory & & 19,000 & & $ & 10,000 & \\ \hline Plus: Net Cost of Inventory Purchased & & 79,000 & & & 76,000 & \\ \hline Cost of Goods Available for Sale & & 98,000 & & & 86,000 & \\ \hline Less: Ending Merchandise Inventory & & 17,500 & & & 19,000 & \\ \hline Cost of Goods Sold & & & 80,500 & & & 67,000 \\ \hline Gross Profit & & & 63,500 & & & 57,000 \\ \hline Operating Expenses & & & 30,000 & & & 24,000 \\ \hline Net Income & & $ & 33,500 & & $ & 33,000 \\ \hline \end{tabular} Requirements 1. Prepare corrected income statements for the two years. 2. State whether each year's net income-before your corrections - is understated or overstated, and indicate the amount of the understatement or overstatement