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Uptown Mart reported the following amounts on their financial statements for 2012, 2013, and 2014:

(Note: Pages 233-234 explain the effect of inventory errors. Use them to work on this problem.)

	For the Year Ended December 31
	2012	2013	2014
Cost of goods sold	$95,000	$107,000	$87,000
Net income	32,000	26,000	24,000
Total current assets	145,000	152,000	120,000
Equity	238,000	255,000	268,000

It was discovered early in 2015 that the ending inventory on December 31, 2012, was overstated by $8,000 and the ending inventory on December 31, 2013, was understated by $3,500. The ending inventory on December 31, 2014, was correct. Ignoring income taxes, determine the correct amounts of cost of goods sold, net income, total current assets, and equity for each of the years 2012, 2013, and 2014.

2012:	Cost of goods sold = Net income = Total current assets = Equity =
2013:	Cost of goods sold = Net income = Total current assets = Equity =
2014:	Cost of goods sold = Net income = Total current assets = Equity =

	For the Year Ended December 31
	2012	2013	2014
Cost of goods sold
Net income
Total current assets
Equity

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