The net income per books of Culver Industries Limited was determined without any knowledge of the following errors. The 2019 year was Culver's first year in business. No dividends have been declared or paid. Net Income Year per Books 2015 $52,000 2016 54,500 2017 56,100 2018 56,200 2019 58,100 2020 61,000 Error in Ending Inventory Overstated $5,700 Overstated 8,200 Understated 11,600 No error Understated 1,600 Overstated 9,300 Prepare a work sheet to show the adjusted net income figure for each of the six years after taking the inventory corrections into account. Net Income Per Books Over- statement Jan. 1 Errors in Inventories Under- Over- statement Jan. 1 statement Dec. 31 Under- statement Dec. 31 Corrected Net Income Year 2015 $ $ $ $52,000 54,500 2016 2017 56,100 2018 56,200 2019 58,100 2020 61,000 AL Prepare a schedule that shows both the original retained earnings balance reported at the end of each year and the corrected amount. Original Net Income Balance Retained Earnings Corrected Net Income Revised Retained Earnings Year 2015 $ $52,000 54,500 2016 2017 56,100 2018 56,200 2019 58,100 2020 61,000 AL $