Grants Corporation prepared the following two income statements (simplified for illustrative purposes): During the third quarter, it was discovered that the ending inventory for the first quarter should have been $4,400. Required: 1. What effect did this error have on the combined pretax income of the two quarters? 2. Which quarter's or quarters' (if any) EPS amounts were affected by this error? 3. Prepare corrected income statements for each quarter. 4. Prepare the schedule to reflect the comparative effects of the correct and incorrect amounts on the income state Complete this question by entering your answers in the tabs below. 1. What effect did this error have on the combined pretax income of the two quarters? 2. Which quarter's or quarters' (if any) EPS amounts were affected by this erron? Grants Corporation prepared the following two income statements (simplified for Iliustrative purposes): During the third quarter, it was discovered that the ending inventory for the first quarter should have been $4,400 Required: 1. What effect did this error have on the combined pretax income of the two quarters? 2. Which quarter's or quarters' (if any) EPS amounts were affected by this error? 3. Prepare corrected income statements for each quarter. 4. Prepare the schedule to reflect the comparative effects of the correct and incorrect amounts on the income statement Complete this question by entering your onswers in the tabs below. Prepare corrected income statements for each quarter. Grants Corporation prepared the following two income statements (simplified fot illustrative puiposes) Duting the third quartef, it was discovered that the ending inventory for the first quarter should have been $4,400 Required: 1. What effect did this error have on the combined pretax income of the fwo quarters? 2. Which quarter's or quarters' (if any) EPS amounts were affected by this error? 3. Prepare corrected income statements for each quarter. 4. Prepare the schedule to reflect the comparative effects of the correct and incorrect amounts on the income statement Complete this question by entering your answers in the tabs below. Prepare the schedule to reflect the comparative effects of the correct and incorrect ampunts on the income statement