Problem 6-12A toy ers over The accounting records of Chan Music Stores show these data (in thousands): ree-year period 2016 2015 2017 $366 ncome, 2017, 32 thousand $378 $426 Net sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Less: Ending inventory Cost of goods sold Gross margin $ 96 $ 80 $56 216 240 276 320 312 332 92 240 232 102 186 146 Operating expenses 148 92 Net income $ 38 $ 10 $ 36 In early 2018, a team of auditors discovered that the ending inventory of 2015 had been understated by $10 thousand. Also, the ending inventory for 2017 had been overstated by $6 thousand. The ending inventory at December 31, 2016, was correct Required Show corrected comparative income statements for the three years. 1. State whether each year's net income as reported here and the related owner's equity amounts are understated or overstated. For each incorrect figure, indicate the amount of the understatement or overstatement. 2