The following information applies to the questions dlspleyed below. The income statement for Pruitt Compary summarized for a four-year period shows the following: Sales revenue Cost of goods sold Gross profit Expenses Pretax Income Income tax expense (40%) Net Income $2,044,000 2,459,0002,707000$ 2,983,000 1740002.097000 886,000 530,000 402,000356,000 837000 933,000 489,000 27,200 133,600 $. 40,800 $ 200,400 S 200,400 203,600 An audit revealed thet in determining these amounts, the ending inventory for 2017 was overstated by $12,000. The company uses a periodic inventory system. 1.00 points Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error PRUITT COMPANY Income Statement For the Four-Year Period 2016 2018 Sales revenue Cost of goods sold Gross proft Expenses Pretax income income tax expense (40%) Net income