Exercise 8-9 The net income per books of Culver Industries Limited was determined without any knowledge of the following errors. The 2019 year was Culver's first year in business. No dividends have been declared or paid. Net Income Year per Books 2015 $52,000 2016 54,500 2017 56,100 2018 56,200 2019 58,100 2020 61,000 Error in Ending Inventory Overstated $5,700 Overstated 8,200 Understated 11,600 No error Understated 1,600 Overstated 9,300 Your answer is partially correct. Try again. Prepare a work sheet to show the adjusted net income figure for each of the six years after taking the inventory corrections into account. Net Income Per Books Over- statement Jan. 1 Errors in Inventories Under- Over- statement Jan. 1 statement Dec. 31 Under- statement Dec. 31 Corrected Net Income Year 5700 46300 2015 2016 $52,000 54,500 5700 8200 52000 2017 56,100 8200 11600 75900 2018 56,200 11600 44600 2019 58,100 1600 56100 2020 61,000 1600 9300 50100 337900 328600 $ $ Your answer is partially correct. Try again. Prepare a schedule that shows both the original retained earnings balance reported at the end of each year and the corrected amount. Original Net Income Balance Retained Earnings Corrected Net Income Revised Retained Earnings Year 2015 52000 46300 46300 $52,000 $ $ x 2016 54,500 54500 52000 52,000 x X 2017 56,100 56,100 75900 75,900 x X 2018 56,200 56,200 44600 44,600 X 2019 58,100 58,100 59700 59,700 X x 2020 61,000 61,000 50100 50,100 332900 328600 $