X Requirement 1. Prepare the corrected comparative income statements for the two-year period, complete with a heading for the statements. How well did European really perform in 2018 as compared with 2017? Print Done European Tile & Marble Corporation reported the following comparative income statements for the years ended November 30, 2018, and 2017: (Click the icon to view the comparative income statement.) European's president and shareholders are thrilled by the company's boost in sales and net income during 2018. Then the accountants for the company discover that ending 2017 Inventory was understated by $8,000. Read the requirement Prepare the corrected comparative income statement for the 2-year penod. Data Table European Tile & Marble Corporation Income Statements (Corrected) European Tile & Marble Corporation Years Ended November 30, 2018 and 2017 Income Statements 2018 2017 For the Years Ended November 30, 2018 and 2017 Sales revenue 2018 2017 Cost of goods sold Sales revenue $ 142,000 $ 122,000 Beginning inventory Cost of goods sold Nel purchases Beginning inventory $ 16,500 $ 11,500 Cost of goods available 76,000 70,000 Net purchases Ending inventory Cost of goods available 92,500 81,500 Cost of goods sold Ending inventory (16.500) (16,500) Gross profit 76.000 Cost of goods sold 65.000 Operating expenses Gross profit 66,000 57,000 Net Income Operating expenses 28.000 26.000 $ $ 38,000 31.000 Net Income Enter any number in the edit fields and then click Check Answer 1 Pertaining Clear All Print Done