The following information is presented for Blue Corporation. The net income figures were computed without knowledge of the errors in ending inventory. Assume that there was no error in the 2016 ending inventory.

Year		Net Income per Books		Error in Ending Inventory
2017		$ 168,000		Overstated		$ 25,000
2018		91,000		Overstated		34,000
2019		116,000		No error		-
2020		226,000		Understated		7,700
2021		99,000		Understated		17,500

Prepare a worksheet to show the adjusted net income figure for each year from 2017 to 2021 after taking into account the inventory errors.

Errors in Inventories

Year

Net Income Per Books

Overstatement Jan. 1

Understatement Jan. 1

Overstatement Dec. 31

Understatement Dec. 31

Corrected Net Income

2017

$ 168,000

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2018

91,000

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2019

116,000

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2020

226,000

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2021

99,000

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