Present your solution to the following problem in an Excel document.

Present your solution to the following problem in an Excel document.The 2009 and 2010 financial statements of Daffney Company contain the following errors:1. The ending inventory was overstated by $10,000 on December 31, 2009 and overstatedby $7,000 on December 31, 2010.2. A four-year insurance policy which cost $22,000 was charged to insurance expense whenit was paid in advance on January 1, 2009.3. Depreciation for equipment in the amount of $15,000 was not included in the 2009financial statements.4. A new roof and windows in the amount of $30,000 which are classified as capitalexpenditures were charged to expense in 2009 for a building. In turn, this causeddepreciation in the amount of $5000, which was not recorded in the financial statementsfor 2010.5. There were $10,000 of wages earned by employees in 2009 and not paid until 2010; thesewere recorded as an expense in 2009 instead of 2010.Daffney Company reported net income of $100,000 in 2009 and $110,000 in 2010.Please prepare a schedule in Excel to correct the net income for 2009 and 2010. Please start theschedule with the reported income for 2009 and 2010 and then work to a corrected figure. Forthis exercise, do not pay attention to income taxes.