Question Help The accounting records of Columbia Home Store show these data in millions) Click the icon to view the income statements) The shareholders are very happy with Columbia's steady increase in net income However, auditors discovered that the ending Inventory for 2016 was understated by $5 million and that the ending inventory for 2017 was understated by 57 million. The ending inventory at December 31, 2018 was correct Read the requirements Requirement 1. Show corrected income statements for each of the three years Columbia Home Store Income Statements (adapted; amounts in millions) Years Ended December 31, 2018, 2017, and 2016 2018 2017 2016 Net sales revenue Cost of goods sold Beginning inventory Net purchases Cost of goods available Less ending inventory Cost of goods sold Gross profil Operating expenses Net income Requirement 2. How much did these assumed corrections add to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income How much did these assu rections add to or take away from Columbia's total net income over the three-year period? Enter any number in the edit Tields and then continue to the next question Desktop A8 00) Gross profil Operating expenses Net income Requirement 2. How much did these assumed corrections add to or take away from Columbia's totalne income over the three-year period? How did the corrections affect the trend of net income? How much did these assumed corrections add to or take away from Columbia's total net income over the three year period? How did the corrections affect the trend of net income? Requirement. Wil Coimba's shareholders still be happy with the company's trend of net income? Explain The shareholders be happy with the trend of net income because Enter any number in the edit helds and then continue to the next question 2016 was understated by $5 million and that the ending inventory for 2017 was understated by $7 million December 31, 2018, was correct. uirements Data Table 2018 2017 2016 $ 538 $ 35 Net sales revenue Cost of goods sold Beginning inventory o Net purchases Cost of goods available 34 (10) co Less ending inventory Cost of goods sold Gross profit Operating expenses w Net income Print Done BERDADE lent 3. Will Columbia's shareholders still be happy with the company's trend of net income? Explain. Requirements 1. Show corrected income statements for each of the three years. 2. How much did these assumed corrections add to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income? 3. Will Columbia's shareholders still be happy with the company's trend of net income? Explain. Print Done Net income