Question 4 The records of Visage Inc. show the following data for the years ended August 31: 2018 2017 2016 Income statement: Sales Cost of goods sold Operating expenses Statement of financial position: Inventory $335,600 233,000 68,000 $316,500 215,800 64,400 $295,700 205,100 64,400 40,000 40,000 24,000 After the company's August 31, 2018, year end, the accountant discovers two errors: 1. Ending inventory on August 31, 2016, was actually $32,300, not $24,000. Visage owned goods held on consignment at another company that were not included in the inventory account. 2. Visage purchased $15,300 of goods from a supplier on August 30, 2017, with shipping terms FOB shipping point. The goods were not received until September 4, 2017 and the goods were not included in the August 31, 2017, year-end inventory. The purchase was then recorded properly on September 4, 2017. For each of the three years, prepare both incorrect and corrected income statements through to income before income tax. INCORRECT VISAGE INC. Income Statement 2018 2017 2016 Sales Cost of goods sold Gross profit Operating expenses Income before income tax VISAGE INC Statement of financial position 2018 2017 2016 CORRECT VISAGE INC. Income Statement 2018 2016 Sales Cost of goods sold Gross pront Operating expenses Income before income tax S VISAGE INC. Statement of financial position 2018 2017 2016