The net income as per the financial records of Creative Gifts was determined without knowledge of the following ending inventory errors. The 2018 year was Creative Gift`s first year in business. No dividends were declared and paid in 2010 or 2019. The following chart shows net income as per the company`s books for each of 2010 and the inventory errors for each year: Year Net Income as stated per books Ending Inventory Error 2018 $50,000 Overstated $5,000 2019 $52,000 Overstated $9,000 Required: a) Calculate the corrected net income and retained earnings ending balances for each of 2010 and 2019. b) the journal entries to correct the books as follows: i. For 2018, assuming the 2018 books are still open ii. For 2019, assuming the books for 2018 are closed: To correct the 2018 error To correct the 2019 error