The Big Co$.$ began business on Jan. $12022$ At the end of December Big counted their inventory and determined it was worth $$40,000$In reality Big's inventory was worth $$55,000$At the end of December $2023,$ Big counted their inventory and determined it was worth $$80,000$In reality, the inventory was worth $$80000$ In $2022$ Big reported income of $$123000$In $2023$ Big reported income of $$250000$REQUIRED:AFOR $2022$ WHAT WAS THE CORRECT AMOUNT OFENDING INVENTORYNET INCOMERETAINED EARNINGS $($BIG DOES NOT PAY ANY DIVIDENDS$)$BFOR $2023$ WHAT WAS THE CORRECT AMOUNT OFTHE ERROR OF $2022$ WAS NOT DISCOVEREDENDING INVENTORYNET INCOMERETAINED EARNINGS $($BIG DOES NOT PAY ANY DIVIDENDS$)$CIGNORE PART B: ON JULY $1$ST $2023$ THE ACCOUNTANT OF BIG CO$.$ DISCOVERED THE MISTAKE FROM $2022$C$1$ MAKE THE ENTRY NEEDED ON JULY $1$ST $2023$ TO CORRECT THE ERRORC$2$ WHAT IS THE CORRECT AMOUNT OF ENDING INVENTORYC$3$ WHAT IS THE CORRECT NET INCOME $2023$C$4$ WHAT IS THE CORRECT AMOUNT OF RETAINED EARNINGS $($BIG DOES NOT PAY ANY DIVIDENDS$)$