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While examining the December 31, 2019 financial statements of Dreamcatcher Company, the following errors are discovered:
1. Inventory on January 1 had been overstated by $50,000.
2. Inventory on December 31 was understated by $100,000.
3. During 2019, Dreamcatcher Company received a $200,000 cash advance from customer for merchandise to be manufactured and shipped during 2020. The amount was credited to sales revenue.
4. The net income reported on the 2019 income statement before reflecting any adjustment is $5,000,000.
Required:
Problem 1: Compute for the corrected net income for the year ended December 31, 2019.
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