Accounting 220 Hand-in Assignment 3 Question 5. LO 11 - Effect of errors in inventory The Hilldale Toy Company reported income for the year ended March 31, 2019 of $45,000, and a net loss for the year ended March 31, 2020 of $10,000. The company's accountant determined that the following errors were made. On March 31, 2019, some inventory was accidentally omitted from the inventory count. As a result, inventory at the end of 2019 was understated by $17,000. One page of the 2020 inventory count sheets was counted twice in error. As a result, inventory was overstated by $12,000. Required: Determine the correct income (or loss) for both 2019 and 2020