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Data table 2024 2023 2025 $ 217.000 Net Sales Revenue $ 160,000 $ 167.000 Cost of Goods Sold: $ 42.000 Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale $ 22,000 134,000 $ 25,000 97,000 B7000 129.000 156,000 32.000 122.000 22.000 25.000 124 000 100.000 104,000 Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses 93 000 63,000 60 000 34,000 65.000 27,000 $ 28,000 5 26,000 $ 36,000 Net Income Mountain Stream Carpets books show the following data (Cack the icon to view the income statements) In early 2026, auditors found that the ending merchandise inventory fox 2023 was understand by 37 000 and that the ending merchandise inventary tex 2025 was owned by S. The ending machine me December 31, 2024, was correct Read the requirements Requirement 1. Prepare corrected income statements for the three years Mountain Stream Carpets Income Statement For the Years Ended December 31, 2025,2021, and 2023 2025 2024 Ending Merchandise Inventory Overstated by 58.000 Conect Not Sales Reve Cost of Goods Sold Beginning Merchandise intory 2023 Ending Merchandise Inventory Understand by 57.000 by $8,000 Correct by $7,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses MI Net Income