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The net income as per the financial records of Creative Gifts was determined without knowledge of the following ending inventory errors. The 2018 year was Creative Gift's first year in business. No dividends were declared and paid in 2018 or 2019. The following chart shows net income as per the company's books for each of 2010 and the inventory errors for each year: Net Income as stated per books Ending Inventory Year Error 2018 2019 $50,000 $52,000 Overstated $5,000 Overstated $9,000 I Required: a) Calculate the corrected net income and retained earnings ending balances for each of 2018 and 2019. (6 marks) b) Prepare the journal entries to correct the books as follows: i. For 2018, assuming the 2018 books are still open (2 marks) ii. For 2019, assuming the books for 2018 are closed: (3 marks) To correct the 2018 error To correct the 2019 error