During a year-end evaluation of the financial records of the Matthew Company for the year ended December 31, 2016, the following was discovered: · Inventory on January 1, 2016, was understated by $6,000. · Inventory on December 31, 2016, was understated by $18,000. · Rent of $20,000 collected in advance on December 29, 2016, was included in income for 2016. · A probable, reasonably estimated
contingent liability of $30,000 was not recorded as of December 31, 2016. Net income for 2016 (before any of the above items) was $250,000. What is the corrected amount of net income for 2016? (Ignore income taxes.)
A) $300,000
B) $208,000
C) $212,000
D) $218,000
C
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