Exercise 8.8 (Algo) Effects of Errors in Inventory Valuation (LO 8.5) Branson Electric prepared the following contieneon in suscessive yours At the end of 2020 (right-hand column). the inventory was understated by $24.500, but the error nas not dhcoverd unt atee fie accounts had been closed and financial statements prepared at the end of 202t. The batince sheets for the hwo years thomet owner's equity of $675,000 at the end of 2020 and $620,000 at the end of 2021 . (llianson is organizends a sole propiefortip andi does not incur income taxes expense) 0. Compute the corrected net income figures for 2020 and 2021. b. Compute the gross profit amounts and the gross profit percentages for cach year an the bases af collecled data ifpound "Greis profit percentage" to 2 decimal places (i.e. 1234 should be entered as 12.34j)