of 3 Required information [The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: Sales revenue Cost of goods sold, Book Gross profit nnt Wences Expenses Pretax income Income tax expense (30%) Net income 2016 $2,025,000 2017 $2,450,000 1,505,000 1,627,000 2018 $2,700,000 1,782,000 2019 $2,975,000 2,113,000 520,000 823,000 918,000 862,000 490,000 513,000 538,000 542,000 30,000 310,000 380,000 320,000 9,000 $21,000 93,000 114,000 96,000 $217,000 $266,000 $224,000 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $18,000. The company uses a periodic inventory system. Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. < Prev 4 5 6 of 6 Next > Check my work