The net income per books of Flounder Industries Limited was determined without any knowledge of the following errors. The 2015 year was Flounder's first year in business. No dividends have been declared or paid. Net Income Year per Books Error in Ending Inventory 2015 $51,600 Overstated $4,700 2016 53,300 Overstated 8,600 2017 57,000 Understated 10,000 2018 57,800 No error 2019 59,700 Understated 2,500 2020 61,500 Overstated 10,900 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 Year Per Books 2015 2016 $51,600 53,300 2017 57,000 2018 57,800 2019 59,700 2020 61,500 Errors in Inventories Over- statement Jan. 1 Under- statement Jan. 1 Over- statement Dec. 31 Under- statement Dec. 31 Corrected Net Income LA 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 2016 $51,600 53,300 2017 57,000 2018 57,800 2019 2020 $ +A 59,700 61,500 +A +A