The net income per books of CNC Industries Limited was determined without any knowledge of the following errors. The 2012 year was CNCs first year in business. No dividends have been declared or paid.

Year		Net Income per Books			Error in Ending Inventory
2012		$50,300			Overstated			$4,100
2013		54,300			Overstated			9,000
2014		56,100			Understated			11,000
2015		58,000			No error
2016		59,400			Understated			1,700
2017		61,600			Overstated			10,800

Prepare a schedule that indicates both the original retained earnings balance reported at the end of each year and the corrected amount.

Prepare a work sheet to show the adjusted net income figure for each of the six years after taking the inventory corrections into account. Errors in Inventories Under- Net Income Per Books Over- Over- Under Corrected Net Income Year statement Jan. 1 statement Jan. 1 statement Dec. 31 statement Dec. 31 4100 46200 2012 2013 2014 2015 2016 2017 $50,300$ 54,300 56,100 58,000 59,400 61,600 339700 4100 9000 49400 9000 11000 76100 11000 47000 1700 61100 1700 10800 49100 328900