Answer:the corrected amount for total assets and net income for the year is $6,460,000 and $432, 000 respectively.
Step-by-step explanation:
Georgia Company reported
total assets= $6,400,000
net income of $510,000 for the Current year
Inventory at the beginning of the year= $138,000
Inventory at the end of the year= $60,000
The corrected amount for the total assets is as follows
= Reported total assets + Inventory at the end of the year
= $6,400,000+$60,000
= $6,460,000
The corrected amount for the net income is as follows
=Net income of current year - Inventory at the beginning of the year + Inventory at the end of the year
= $510,000 -$138,000 +$60,000
=$432, 000
Hence the corrected amount for total assets and net income for the year is $6,460,000 and $432, 000 respectively.