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Income statements R. K. Video Sales Ltd. Income Statements for the Years Ended 2020 2019 2018 $ 37 34 $ 31 (Amounts in millions) Net sales revenue Cost of goods sold: Beginning inventory 10 9 8 28 26 24 Purchases Goods available for sale 38 35 32 (11) Less: Ending inventory (10) (9) 27 25 23 Cost of goods sold Gross profit 10 9 8 5 5 5 OU Total operating expenses $ 5 4 3 Net income R. K. Video Sales Ltd. reported the following data. The shareholders are very happy with R. K.'s steady increase in net income. E (Click the icon to view the income statements.) Auditors discovered that the ending inventory for 2018 was understated by $1 million and that the ending inventory for 2019 was also understated by $1 million. The ending inventory at December 31, 2020, was correct. Requirements 1. Show corrected income statements for each of the three years. 2. How much did these assumed corrections add to or take away from R. K.'s total net income over the three-year period? How did the corrections affect the trend of net income? 3. Will R. K.'s shareholders still be happy with the company's trend of net income? Give a reason for your answer. R. K. Video Sales Ltd. Income Statements (adapted; amounts in millions) Years Ended December 31, 2020, 2019, and 2018 2020 2019 2018 Net sales revenue Cost of goods sold: Beginning Inventory Purchases Goods available for sale Less: Ending Inventory Cost of goods sold Gross profit Total operating expenses Net income Requirement 2. How much did these assumed corrections add to or take away from R. K.'s total net income over the three-year period? How did the corrections affect the trend of net income? How much did these assumed corrections add to or take away from R. K.'s total net income over the three-year period? The assumed corrections over the three-year period. How did the corrections affect the trend of net income? The corrections Requirement 3. Will R. K's shareholders still be happy with the company's trend of net income? Give a reason for your answer. Will R. K's shareholders still be happy with the company's trend of net income? The shareholders be happy with the trend of net income because the company's