You work as a Senior Auditor for PricewaterhouseCoopers and have been assigned to the 2020 audit of Jakarta Limited. The company is a dining table manufacturer based in High River, Alberta. You notice that net income for the company has increased gradually over the past few years: - 2017: $535,000 - 2018: $615,000 - 2019: $735,000 You also notice the following errors have occurred in prior years: - 2017: Understatement of beginning inventory: $50,000 Overstatement of accrued administrative expenses: $12,000 - 2018: Understatement of beginning inventory: $60,000 Overstatement of accrued administrative expenses: $16,000 - 2019: Understatement of beginning inventory: $40,000 Overstatement of accrued administrative expenses: $10,000 Required (a) Calculate the correct net incomes for each of the three prior years. Show all your work for full marks. ( (b) Ignoring any income tax effects, prepare the journal entry in good form for 2020 to fix the errors. Show all your work for full marks. )