Question 1: the foliowing is the incorrect income statement for a merchandising company for 2021 and 2022 , the ending inventory for 2021 was understated for $2000 Required: 1 prepare a correct income statement for 2021 and 2022 2 what is the total incorrect net income over the two years 3 what is the total correct net iacome over the two years 4 assuming the balance sheet 31/12/2021 incorrectly reported total assets $500,000, as a result of understatement. of ending inventory ,what is the correct total asset 31 til22021? 5 assuming the balance sheet 31/12/2022 reported total assets 600,000 as areselt of understatement of ending inventory 31/12/2021, what is the correct total asset 31/12/2022? 6 determine the effect of this error on RE 31/12/2021 AND 31/12/2022 assuming in addition to the previous error ( ending inventory for 2021 understated by 2000 ), the company 7 also overstated ending inventory for 2022 by $1,000. What is the correct cost of goods sold and net income for 2022 as a result of these two errors