Requirement 1. Prepare corrected income statements for the three years. Plush River Carpets Income Statement For the Years Ended December 31, 2019, 2018, and 2017 2019 Ending Merchandise Inventory Overstated by $9,000 2018 2017 Ending Merchandise Inventory Understated by $8,000 Correct Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale Less: Ending Merchandise Inventory Cost of Goods Sold Gross Profit Operating Expenses Net Income