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Pond Rush Carpets' books show the following data. EZB (Click the icon to view the income statements.) In early 2026, auditors found that the ending merchandise inventory for 2023 was understated by $7,000 and that the ending merchandise inventory for 2025 was overstated by $8,000. The ending merchandise inventory at December 31,2024 , was correct. Read the reguirements. Requirement 1. Prepare corrected income statements for the Three years. Data table Data table Requirements 1. Prepare corrected income statements for the three years. 2. State whether each year's net income-before your corrections-is understated or overstated, and indicate the amount of the understatement or overstatement. 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Requirement 1. Prepare corrected income statements for the three years. Pond Rush Carpets Income Statement For the Years Ended December 31, 2025, 2024, and 2023 (1) Time Remaining: 00:39:45 \begin{tabular}{l|l|l|} \hline Net Sales Revenue & inventory uverstated & Correct \\ Cost of Goods Sold: \\ Beginning Merchandise Inventory \\ Plus: Net Cost of Inventory Purchased \\ Cost of Goods Available for Sale \\ Less: Ending Merchandise Inventory \end{tabular} Plus: Net Cost of Inventory Purchased Cost of Goods Available for Sale Less: Ending Merchandise inventory Cost of Goods Sold Gross Profit Operating Expenses Requirement 2. State whether each year's net income - before your corrections - is understated or overstated, and indicate the amount of the understatement or overstatement. corrections- -is understated or overstated, and indicate Requirement 3. Compute the inventory turnover and days' sales in inventory using the corrected income statement for the three years. (Round all numbers to two decimals.) Select the labels and enter the amounts to compute inventory turnover for each year. (Round your answers to two decimal places. X X XX Now select the labels and enter the amounts to compute days' sales in inventory for each year. (Enter all amounts to two decimal places, X(X)