I. Piper's Hardware Store prepared the following analysis of cost of goods sold for the previous three years:

Net income for the years 2016, 2017, and 2018 was €70,000, €60,000, and €65,000, respectively. Since net income was consistently declining, Mr. Piper hired a new accountant to investigate the cause(s) for the declines.
The accountant determined the following:
1. Purchases of €20,000 were not recorded in 2016.
2. The 2016 December 31 inventory should have been €21,000.
3. The 2017 ending inventory included inventory costing €8,000 that was purchased FOB destination and in transit at year end.
4. The 2018 ending inventory did not include goods costing €4,000 that were shipped on December 29 to Sampson Plumbing Company, FOB shipping point. The goods were still in transit at the end of the year. Determine the correct net income for each year. (15%)