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The accounting records of Juniper Cove Music Store show these data (in thousands): In early 2009, auditors discovered that the ending inventory for 2006, as

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The accounting records of Juniper Cove Music Store show these data (in thousands): In early 2009, auditors discovered that the ending inventory for 2006, as reported here, was understated by $6 thousand and that the ending inventory for 2008 was overstated by $7 thousand. The ending inventory at December 31, 2007, was correct. Requirements 1. Show corrected income statements for the three years. 2. State whether each year's net income as reported here is understated or overstated. For each incorrect net income figure, indicate the amount of the understatement or overstatement

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