Mystic Tile & Marble Corporation reported the following comparative income statements for the years ended June 30, 2018, and 2017: E (Click the icon to view the comparative income statement.) Mystic's president and shareholders are thrilled by the company's boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 inventory was understated by $5,500. Read the requirement. .... Prepare the corrected comparative income statement for the 2-year period. Mystic Tile & Marble Corporation Income Statements (Corrected) Years Ended June 30, 2018 and 2017 2018 2017 - -X Sales revenue Data Table Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit UITI Mystic Tile & Marble Corporation & Income Statements For the Years Ended June 30, 2018 and 2017 2018 2017 Sales revenue $ 136,000 $ 118,000 Operating expenses $ 11,000 S 18.000 77,000 Net Income 75,000 Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses 95,000 (18,000) 86,000 (18,000) - X Requirement 77,000 68,000 59,000 23,000 50,000 19,000 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did Mystic really perform in 2018 as compared with 2017? $ $ 36,000 Net income 31,000