The annual reported income for Salazar Company for the years 2000 2003 is shown here. However, a review of the inventory records reveals inventory misstatements.
|
2,000 |
2001 |
2002 |
2003 |
|
|
Reported net income |
30,000 |
$40,000 |
$35,000 |
$45,000 |
|
Inventory overstatement, end of year |
3,000 |
2,000 |
||
|
Inventory understatement, end of year |
4,000 |
1000 |
||
Required
Using the data provided, calculate the correct net income for each year.