The following inventory valuation errors have been discovered for Knox Corporation:
• The 2012 year-end inventory was overstated by $23,000.
• The 2013 year-end inventory was understated by $61,000.
• The 2014 year-end inventory was understated by $17,000. The reported income before taxes for Knox was:
Required: Compute what income before taxes for 2012, 2013, and 2014 should have been after correcting for the errors.
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