Exercise 8-26 The net income per books of Pina Company was determined without knowledge of the errors indicated below. Net Income Error in Ending Year per Books 2012 2013 2014 2015 2016 2017 $51,400 53,400 55,360 57,400 59,300 61,250 Overstated 2,960 Overstated 8,520 Understated 10,540 No error Understated 2,150 Overstated7.750 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Recall that ending inventory from one year becomes beginning inventory in the next year. Errors in Inventories Net Income Overstatement Understatement Overstatement Understatement Corrected Net YearPer Books 2012 2013 2014 2015 2016 2017 Jan. 1 Jan. 1 Dec. 31 Dec. 31 Income $51,400 53,400 55,360 57,400 59,300 61,250