Requirement 1. Prepare corrected income statements for the two years. Requirements 1. Prepare corrected income statements for the two years. 2. State whether each year's net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or overstatement. Requirement 1. Prepare corrected income statements for the two years. Requirements 1. Prepare corrected income statements for the two years. 2. State whether each year's net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or overstatement