Exercise 8-25 (Part Level Submission) At December 31, 2016, Stellar Corporation reported current assets of $334,430 and current liabilities of $213,000. The following items may have been recorded incorrectly. 1. Goods purchased costing $19,970 were shipped f.o.b. shipping point by a supplier on December 28. Stellar received and recorded the invoice on December 29, 2016, but the goods were not included Stellar's physical count of inventory because they were not received until January 4, 2017. 2. Goods purchased costing $16,270 were shipped f.o.b. destination by a supplier on December 26. Stellar received and recorded the invoice on December 31, but the goods were not included in Stellar's 2016 physical count of inventory because they were not received until January 2, 2017. 3. Goods held on consignment from Claudia Kishi Company were included in Stellar's December 31, 2016, physical count inventory at $11,720. 4. Freight-in of $3,280 was debited to advertising expense on December 28, 2016 (a) (b) (c) the corrections? Assume that goods are sold in item #4 By what amount will income (before taxes) be adjusted up or down as a result Adjust Income