[The following information applies to the questions displayed below.] The income statement for Pruitt Company summarized for a four-year period shows the following: Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%)) Net income 2016 $2,026,000 2017 $2,457,000 2018 $2,713,000 2019 $2,984,000 1,491,000 1,626,000 1,766,000 2,107,000 535,000 831,000 947,000 877,000 483,000 496,000 531,000 540,000 52,000 335,000 416,000 337,000 15,600 100,500 124,800 101,100 $36,400 $234,500 $291,200 $235,900 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $14,000. The company uses a periodic inventory system. 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error. Sales revenue Cost of goods sold Gross profit Answer is not complete. PRUITT COMPANY Income Statement For the Four-Year Period 2016 2017 $ 2,026,000 ( $ 2,457,000 ( 1,626,000 1,491,000 535,000 2018 2019 $ 2,713,000 ( $ 2,984,000 2,107,000 1,766,000 Expenses Pretax income Income tax expense (30%) Net income