T. Allen's Hardware Store prepared the following analysis of cost of goods sold for the previous three years: Beginning inventory 1/1 Cost of goods purchased Cost of goods available for sale Ending inventory 12/31 Cost of goods sold 2017 $40,000 50,000 90,000 18,000 $72,000 2018 $18,000 55,000 73,000 25,000 $48,000 2019 $25,000 70,000 95,000 40,000 $55,000 Net income for the years 2017, 2018, and 2019 was $75,000, $60,000, and $57,000, respectively. Since net income was consistently declining, Mr. Baden hired a new accountant to investigate the cause(s) for the declines. The accountant determined the following: 1. Purchases of $20,000 were not recorded in 2017. 2. The 2017 December 31 inventory should have been $26,000. 3. The 2018 ending inventory included inventory costing $8,000 that was purchased FOB destination and in transit at year end. 4. The 2019 ending inventory did not include goods costing $4,000 that were shipped on December 29 to Wilson Plumbing Company, FOB shipping point. The goods were still in transit at the end of the year. Determine the correct net income for each year. 2017 2018 2019 Corrected net income $