The ABC has a December 31 year-end. The auditors found the following errors: Advertising Expense for the year ended December 31, was reported as $59,000 but should have been $95,000. Opening Inventory for the year ended December 31, was overstated by $11,000, and Ending Inventory for the same year was understated by $4000. Assuming none of the errors had been caught or corrected and that there are no other errors, indicate below whether each of the following items is too high, too low or correct, and if it is wrong, by how much. ABC's reported income for the year ended December 31. ABC's reported retained eamings for the year ended December 31