prepare a schedule that shows a the reported net income for each year b the amount o 626008

Kelley Company reported net income of USD 358,050 for 2009, USD 371,400 for 2010, and USD 325,800 for 2011, using the incorrect inventory amounts shown for 2009 December 31, and 2010. Recently, Kelley corrected the inventory amounts for those dates. Kelley used the correct 2011 December 31, inventory amount in calculating 2011 net income.

	Incorrect	Correct
2009 December 31	USD 72,600	USD 86,200
2010 December 31	84000	70200

Prepare a schedule that shows: (a) the reported net income for each year, (b) the amount of correction needed for each year, and (c) the correct net income for each year.