Problem 2 Condensed income statements for Werly Corporation are shown below for two years 2016 2017 $75,000 $90,000 Sales Cost of Goods Sold Gross Profit Operating Expense Net Income 45,000 54,000 $30,000 $36,000 15,000 15,000 $15,000 $21,000 Compute the corrected net income for 2016 and 2017 assuming that the inventory as of the end of 2016 was mistakenly understated by $5,000. 2016 2017 $