Answer:
TOTAL ASSETS$6,459,900
NET INCOME $426,900
Explanation:
Calculation for the corrected amount for total assets and net income for the year
Calculation for TOTAL ASSETS
Total assets $6,399,000
Add Ending understated inventory $60,900
TOTAL ASSETS$6,459,900
Calculation for NET INCOME
Net income of $503,000
Less Begining understated inventory ($137,000)
Add Ending understated inventory $60,900
NET INCOME $426,900
Therefore the corrected amount for total assets will be $6,459,900 and net income for the year will be $426,900
