Answer:
Corrected total assets= $3,230,000
Corrected net income= $216,000
Explanation:
Riser incorporation reported a total assets $3,200,000 and a net income of $255,000 for the Current year
Risers inventory was understated by $69,000 at the beginning of the year and $30,000 at the end of the year
The corrected amount for the total assets can be calculated as follows
= $3,200,000+$30,000
= $3,230,000
The corrected amount for the net income can be calculated as follows
= $255,000-$69,000+$30,000
= $216,000
Hence the corrected amount for total assets and net income for the year is $3,230,000 and $216,000 respectively
