Question: Question 2 [14 points] Zcom Inc. reported the amounts shown below in its financial statements. In making the physical counts of inventory, the following

Question 2 [14 points] Zcom Inc. reported the amounts shown below in

Question 2 [14 points] Zcom Inc. reported the amounts shown below in its financial statements. In making the physical counts of inventory, the following errors were made . Inventory on December 31, 2023: overstated $32,000 Inventory on December 31, 2024: understated $35,000 Financial Statements for Year Ended December 31, 2023 2024 2025 Cost of Goods Sold 300,000 335,000 325,000 Net income 171,000 160,000 140,000 Total current assets 770,000 665,000 700,000 Equity 850,000 1,005,000 965,000 Use this information to calculate the corrected amounts for each year and enter them in the table below: Cost of Goods Sold Net income Total current assets Equity 2023 99 2024 2025

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