Southern Life,, Inc., reported the following comparative income statements for the years ended April 30, 2018, and April 30, 2017. (Click the icon to view the comparative income statements.) During 2018, Southern Life,, Inc., discovered that the 2017 ending inventory, as previously reported, was overstated by $1,000. Read the requirements. Requirement 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. Southern Life,, Inc. Comparative Income Statements For the Years Ended April 30, 2018 and 2017 2018 2017 Sales revenue Cost of goods sold: Beginning inventory Net purchases Cost of goods available Ending inventory Cost of goods sold Gross profit Operating expenses Net income Southern Life,, Inc. Comparative Income Statements For the Years Ended April 30, 2018 and 2017 2018 2017 Sales revenue $ 138,000 $ 124,000 Cost of goods sold: Beginning inventory $ 14,000 $ 12,000 74,000 73,000 Net purchases Cost of goods available for sale 88,000 85,000 17,000 14,000 Ending inventory Cost of goods sold 71,000 71,000 Gross profit 67,000 53,000 29,000 22,000 Operating expenses 38,000 31,000 Net income