For calendar 2020, Redfern Corporation reported pre-tax income of $270,000. You have been made aware that the company's beginning inventory was overstated by $14,000 and ending inventory was understated by $9.000. What is Redfern's corrected pre-tax income for 2020? 1) $293,000 2) $270,000 3) $265,000 4) $275.000