The net income per books of Concord Industries Limited was determined without any knowledge of the following errors. The 2019 year was Concords first year in business. No dividends have been declared or paid.

Year		Net Income per Books			Error in Ending Inventory
2015		$51,900			Overstated			$4,200
2016		53,800			Overstated			8,500
2017		55,200			Understated			10,600
2018		56,300			No error
2019		58,300			Understated			2,000
2020		60,800			Overstated			10,600

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
Year		Net Income Per Books		Over statement Jan. 1			Under statement Jan. 1			Over statement Dec. 31			Under statement Dec. 31			Corrected Net Income
2015		$51,900			$			$			$			$			$
2016		53,800
2017		55,200
2018		56,300
2019		58,300
2020		60,800
		$															$

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

Year		Original Net Income			Balance Retained Earnings			Corrected Net Income			Revised Retained Earnings
2015			$51,900			$			$			$
2016			53,800
2017			55,200
2018			56,300
2019			58,300
2020			60,800
			$						$