Need help on net income amount for 2021 and retained earnings December 31 for both years.

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Here it is.

The following additional information is provided: 1. In 2021, Stellar Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2020 for $97,500 with an estimated useful life of 4 years and no salvage value. (The 2021 income statement contains depreciation expense of $29,250 on the assets purchased at the beginning of 2020.) In 2021, the company discovered that the ending inventory for 2020 was overstated by $22,000; ending inventory for 2021 is correctly stated. 2. Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes.) STELLAR INC. Retained Earnings Statement For the Year Ended 2021 2020 Retained Earnings, January 1, unadjusted $ 126300 Less Correction of Error for Inventory Overstatement 22000 Retained Earnings, January 1, adjusted 104300 77300 Add V: Net Income 75750 50300 Less Dividends -28100 i -23300 i Retained Earnings, December 31 $ 47650 $ 27000 Presented below are the comparative income and retained earnings statements for Stellar Inc. for the years 2020 and 2021. 2021 Sales Cost of sales Gross profit Expenses Net income Retained earnings (Jan. 1) Net income Dividends Retained earnings (Dec. 31) $337,000 181,000 156,000 92,500 $63,500 $126,300 63,500 (28,100) $161,700 2020 $252,000 132,000 120,000 47,700 $72,300 $77,300 72,300 (23,300) $126,300 The following additional information is provided: 1. In 2021, Stellar Inc. decided to switch its depreciation method from sum-of-the-years' digits to the straight-line method. The assets were purchased at the beginning of 2020 for $97,500 with an estimated useful life of 4 years and no salvage value. (The 2021 income statement contains depreciation expense of $29,250 on the assets purchased at the beginning 2020.) In 2021, the company discovered that the ending inventory for 2020 was overstated by $22,000; ending inventory for 2021 is correctly stated. 2. Prepare the revised retained earnings statement for 2020 and 2021, assuming comparative statements. (Ignore income taxes.) CTEULAD TMC