Styles Error Analysis and Correcting Entry The reported net incomes for the first 2 years of US Books Corp were as follows: 2016, $268,000; and 2017, $412,000. Early in 2018, the following errors were discovered. 1.Depreciation of equipment for 2016 was understated $68,500. 2.Depreciation of equipment for 2017 was overstated $39,000. 3.December 31, 2016, inventory was overstated $12,000. 4.December 31, 2017, inventory was understated $73,600. Ignore income tax considerations. Net income for 2016 was a. understated by $60,000. b. overstated by $84,000. c. understated by$80,500. d. none of the above