Problem 22-9 Your answer is partially correct. Try again. Whispering Corporation has used the accrual basis of accounting for several years. A review of the records, however, indicates that some expenses and revenues have been handled on a cash basis and $40,300 net income for or errors made by an nexperienced bookkeepe.Income statements prepared by the bookkeeper reported $31,000 net income for 2016 Further examination of the records reveals that the following items were handled improperly. 1. Rent was received from a tenant in December 2016. The amount, $1,070, was recorded as revenue at that time even though the rental pertained to 2017. 2. Salaries and wages payable on December 31 have be consistently omitted following year. The amounts of the accruals recorded in this manner were from the records of that date and have been entered as expenses when paid in the December 31, 2015 $1,130 December 31, 2016 1,320 December 31, 2017 1,020 3. Invoices for supplies purchased have been charged to expense accounts when received. Inventories of supplies on hand at the end of each year have been ignored, and no entry has been made for them December 31, 2015 $1,410 December 31, 2016 1,010 December 31, 2017 1,510 Prepare a schedule that will show the corrected net income for the years 2016 and 2017. All items listed should be labeled clearly. (Iqnore income tax considerations.) (Enter negative amounts using either negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) Prepare a schedule that willl show the corrected net income for the years 2016 and 2017. All items listed should be labeled clearly. (Ignore income tax considerations.) (Enter negative amounts using either a negative sign preceding the number e.g. -15,000 or parentheses e.g. (15,000).) 2016 2017 Net income, as reported 40300 31000 Rent received in 2016, earned in 2017 1070 - 1070 Salaries and Wages not accrued, 12/31/15 -1130 Salaries and Wages not accrued, 12/31/16 1320 -1320 Salaries and Wages not accrued, 12/31/17 1020 Inventory of supplies, 12/31/15 1410 0 Inventory of supplies, 12/31/16 1010 -1010 Inventory of supplies, 12/31/17 0 -1510 30520 40570 Corrected net income