The reported net incomes for the first 2 years of Vaughn Products, Inc., were as...
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The reported net incomes for the first 2 years of Vaughn Products, Inc., were as follows: 2017, $134,800; 2018, $172,600. Early in 2019, the following errors were discovered. 1) Depreciation of equipment for 2017 was overstated $17,600. 2) December 31, 2017, inventory was understated $47,700. 3) December 31, 2018, inventory was overstated $15,800.
Prepare the correcting entry(s) necessary when these errors are discovered as of 1/1 2019: Ignore income tax considerations.
What is the corrected net income for 2017?
What is the corrected net income for 2018?
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