R.K. Video Sales Ltd. Income Statements for the Years Ended 2020 2019 2018 $ 37 $ 34 $ 31 $ 10 $ $ 9 $ 8 28 26 24 38 (Amounts in millions) Net sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Less: Ending inventory Cost of goods sold Gross profit Total operating expenses Net income 35 32 (11) = (10) (9) 27 25 23 9 8 10 5 5 5 1 $ 5 $ 4 $ 3 Requirement 1. Show corrected income statements for each of the three years. R. K. Video Sales Ltd. Income Statements (adapted; amounts in millions) Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales revenue Cost of goods sold: Beginning inventory Purchases Goods available for sale Less: Ending inventory Cost of goods sold Gross profit Total operating expenses Net income Requirement 2. How much did these assumed corrections add to or take away from R. K's total net 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 R K.'s total net income over the three-year period? The assumed corrections over the three-year period. How did the corrections affect the trend of net income? The corrections Requirement 3. Will R. K's shareholders still be happy with the company's trend of net income? Give a reason for your answer. Will R. K.'s shareholders still be happy with the company's trend of net income? The shareholders be happy with the trend of net income because the company's