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In early 2021, a potential investor's auditors discovered that the ending inventory of 2018 had been overstated by $5,000. Also, the ending inventory for 2020 had been understated by $7,000. The ending inventory at December 31, 2019, was correct.
Required
Question 1: Show corrected comparative income statements for the three years.
Question 2: State whether each year's net income as reported here and the related owner's equity amounts are understated or overstated. For each incorrect figure, indicate the amount of the understatement or overstatement. Question 3: Correcting inventory errors over a three-year period
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