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24. (23 points) Dyke Company's net incomes for the past two years are presented below (ignore taxes): S480,000 $150,000 During the 2019 year-end audit, the following items come to your attention: 1. Dyke bought equipment on January 1, 2018 for $490.000 with a $40,000 estimated salvage value and a six-year life. The company debited an expense account and credited cash on the purchase date for the entire cost of the asset. (Straight-line method) 2. Inventory 2018 $21,000 Overstatement of ending inventory 2019 $28,000 December 2019 nstructions A. Determine corrected net incomes for 2018 and 2019. 2019 Reported Net Income 4801000 150 000 4751000) (150007 490 000 21000 00),00 ( 5100 5 451000 u3,000 Adjusted Net Income oloo 13koo 100