final exam

On 31/12/2018, the company purchased inventory by $100,000, and not recorded. However, the income statement for the year 2018 and 2019 before correct the error as follow: 2019 (S) 2018 (5) Profit before tax 120,000 225,000 Tax 2096 24,000) (45,000) Net Income 96000 180,000 On 31/12/2018, the balance of returned earnings was $225,000. What is the balance of returned earnings on 31/12/2018 after correct the error? 2019 (5) 2018 (5) Profit before tax 120,000 225,000 Tax 20% (24,000) (45,000) Net income 96000 180,000 On 31/12/2018, the balance of returned earnings was $225,000. What is the net income for the year 2019 after correct the error? $196000 $16000 $176000 All these choices are incorrect