The Income statement for Pruitt Company summarized for a four-year period shows the following:

An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $11,000. The company uses a periodic inventory system.

Banded Columns [The following information applies to the questions displayed below/ The income statement for Pruitt Company summarized for a four year period shows the following 2019 2018 1778,000 401,000 2017 s 2,044,000 $ 2,470,0002714,000 2.981000 Sales revenue Cost of goods sold Gross profa Expenses Pretax income ncome tax expense (30% 2100,000 881,000 1501,000 $43,000 53,000 494,000 359,000 07700 490,000 53,000 5,900 120,300 102.300 Net incom 37100 251,300 251,300 238,700 An audh reveaied that in determining these amounts, the ending inventory for 2017 was overstated by $11,000. The company uses a Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory Income Staterment For the Four-Year Period Sales revenue Cost of goods sold Gross profit rceme tax expense (30%)