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The net income per books of Concord Industries Limited was determined without any knowledge of the following errors. The 2012 year was Concords first year in business. No dividends have been declared or paid.

Year		Net Income per Books			Error in Ending Inventory
2012		$51,900			Overstated			$4,200
2013		53,800			Overstated			8,500
2014		55,200			Understated			10,600
2015		56,300			No error
2016		58,300			Understated			2,000
2017		60,800			Overstated			10,600

Prepare a work sheet to show the adjusted net income figure for each of the six years after taking the inventory corrections into account. Errors in Inventories Under- Under- Net Income Per Books Over- Over- Corrected Net Income Year statement Jan. 1 statement Jan. 1 statement Dec. 31 statement Dec. 31 4200 47700 $51,900 53,800 55,200 56,300 58,300 60,800 2012 2013 4200 8500 49500 2014 8500 10600 74300 2015 10600 45700 2016 2000 60300 2017 2000 10600 48200 336300 325700 Prepare a schedule that indicates both the original retained earnings balance reported at the end of each year and the corrected amount. Original Balance Retained Corrected Revised Retained Year Net Income Earnings Net IncomeEarnings 2012 2013 2014 2015 2016 2017 51,900 $ 53,800 55,200 56,300 58,300 60,800

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