The following inventory valuation errors were discovered by Knox Corporation's new controller just after the annual financial statements were published at the end of Year 3. > The Year 3 ending inventory was understated by $17,000.
> The Year 2 ending inventory was understated by $61,000.
> The Year 1 ending inventory was overstated by $23,000.
The net income for Knox in each of these years was: 
Assuming there were no income taxes and no corrections were made prior to the discovery of the errors after the end of year 3,the net income in each year should be adjusted to: 
Definitions:
Parental Inheritance
The passing down of genetic traits, characteristics, or property from parents to their offspring.
Social Conflict
An alternative term for conflict theory; it emphasizes the struggles between groups in society over inequalities, power, and resources.
Dysfunctional Consequences
Negative effects or outcomes that result from maladaptive behaviors or processes, often impacting mental health or social functioning.
Structural-Functional
A sociological perspective that views society as a complex system whose parts work together to promote stability and integration.
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