The net income per books of Flint Industries Limited was determined without any knowledge of the following errors. The 2012 year was Flint's first year in business. No dividends have been declared or paid. Net Income Error in Year per Books Ending Inventory 2012 $52,000 Overstated $4,500 2013 53,200 Overstated 8,700 2014 56,100 Understated 10,800 2015 58,000 No error 2016 59,000 Understated 1,800 2017 60,400 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 Under- Under- Net Income Per Books Over- Over- Corrected Net Income Year statement Jan. 1 statement Jan. 1 statement Dec. 31 statement Dec. 31 $52,000 $ 2012 2013 2014 2015 2016 2017 53,200 56,100 58,000 59,000 60,400 Prepare a schedule that indicates both the original retained earnings balance reported at the end of each year and the corrected amount. Original Balance Retained Corrected Revised Retained Year Net Income Earnings Net Income Earnings 2012 2013 2014 2015 2016 2017 52,000 53,200 56,100 58,000 59,000 60,400