The income statement for Pruitt Company summarized for a four-year period shows the following: 2016 2017 2018 2019 Sales revenue $ 2,038,000 $ 2,468,000 $ 2,713,000 $ 2,990,000 Cost of goods sold 1,486,000 1,611,000 1,773,000 2,107,000 Gross profit 552,000 857,000 940,000 883,000 Expenses 479,000 498,000 521,000 530,000 Pretax income 73,000 359,000 419,000 353,000 Income tax expense (40%) 29,200 143,600 167,600 141,200 Net income $ 43,800 $ 215,400 $ 251,400 $ 211,800 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $13,000. The company uses a periodic inventory system. Required: 1. Prepare the income statements to reflect the correct amounts, taking into consideration the inventory error.