Nova Scotia Emporium has been in business for 5 years. Due to a lack of understanding of generally accepted accounting principles, errors were made in calculating the amount at which to report inventory on the balance sheet at the end of the fiscal year. These errors are summarized below:

Annual Net Income Reported in Income

Year Statement Description and Amount of Error in Ending Inventory 2020 $ 202,000 Understatement $ 20,000 2021 $ 110,595 Understatement $ 40,000 2022 $ 97,500 Overstatement $ 15,000 2023 $ 150,000 Understatement $ 5,000 2024 $ 210,000 Overstatement $ 26,000

Required:

Calculate the corrected net income amounts for each of the 5 years