Exercise 8-26 The net income per books of Ruth Lewis Company was determined without knowledge of the errors indicated below. Year 2015 2016 2017 2018 2019 2020 Net Income per Books $50,000 51,800 53,860 55,970 58,080 60,240 Error in Ending Inventory Overstated $2,750 Overstated 8,610 Understated 11,410 No error Understated 1,970 Overstated 8,420 Prepare a worksheet to show the adjusted net income figure for each of the 6 years after taking into account the inventory errors. Overstatement Jan. 1 Errors in Inventories Understatement Overstatement Jan. 1 Dec. 31 Understatement Dec. 31 Corrected Net Income Year 2015 Net Income Per Books $50,000 $ 51,800 53,860 2016 2017 2018 2019 55,970 58,080 60,240 2020