The accounting records of Columbia Home Store show these data in miliona) Click the icon to view the income statements) The shareholders are very happy with Columbia's wat increase in net income. However, auditors discovered that the ending inventory for 2016 was understated by $5 million and that the ending inventory for 2017 was understated by 58 million. The ending inventory at December 31, 2018, was correct Read the girements 2016 Requirement 1. Show conected income statements for each of the three years Columbia Home Store Income Statements adapted amounts in millions) Years Ended December 31, 2018, 2017, and 2016 2018 Neties revenue Cost of goods sold Beginning inventory Nu purchases Cost of goods web Lessending Inventory Cost of goods sold Groespro Enter any number in the edit fields and then continue to the next question The accounting records of Columbia Home Store show these data (in millions) Click the icon to view the income statements) The shareholders are very happy with Columbia's steady increase in net income. However, auditors discovered that the ending inventory for 2016 was understated by $5 milion and that the ending inventory milion. The ending inventory at December 31, 2018, was correct Read the requirements ve yur Cost of goods available Less ending inventory Cost of goods sold Gross profit Operating expenses Net income Requirement 2. How much did these assumed corrections add to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income? How much did these assumed corrections add to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income? Requirement 3. Wil Columbia's shareholders still be happy with the company's trend of net income? Explain Enter any number in the edit fields and then continue to the next question The accounting records of Columbia Home Store show these data (in millions) Click the icon to view the income statements) The shareholders are very happy with Columbia's steady increase in net income. However, auditors discovered that the ending inventory for 2016 was understated by $5 million and that the ending inventory fo- milion. The ending inventory at December 31, 2018, was correct. Read the requirements Less ending inventory Cost of goods sold Gross proft Operating expenses Net Income Requirement 2 How much did these assumed corrections and to or take away from Columbia's total net income over the three-year period? How did the corrections affect the trend of net income? How much did these assumed corrections add to or take away from Columbia's total net income ove he three-year period? How did the corrections flect the trend of net income? Requirement 3. Wil Columbia's shareholders still be happy with the company's trend of net income? Explain The shareholders be happy with the trend of net income because Enter any number in the edit fields and then continue to the next question Data Table hat the ending inventory for 2017 wa y increa is corred 2018 2017 2016 $ 45 $ 42 $ 39 w $ 11 $ 10 25 9 23 27 Net sales revenue. Cost of goods sold: Beginning inventory Net purchases Cost of goods available Less ending inventory Cost of goods sold Gross profit... laule bf net income? 38 35 (11) ions add 32 (10) (12) ke away 26 24 22 18 17 19 7 7 7 Operating expenses 11 10 $ 12 Net income happy with Print Done net incor mue to the next