Exercise 8-12 The net income per books of Linda Patrick Company was determined without knowledge of the errors indicated below. Year Net Income per Books Error in Ending Inventory 2009 $56,300 Overstated $ 3,690 2010 58,310 Overstated 9,330 2011 60,330 Understated 11,480 2012 62,660 No error 2013 64,970 Understated 2,260 2014 67,150 Overstated 8,070 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Errors in Inventories Year Net Income Per Books Add Overstatement Jan. 1 Deduct Understatement Jan. 1 Deduct Overstatement Dec. 31 Add Understatement Dec. 31 Corrected Net Income 2009 $56,300 $ $ $ $ $ 2010 58,310 2011 60,330 2012 62,660 2013 64,970 2014 67,150 $