3 points g 02:03:54 eBook Print Reference Navajo Company's year-end financial statements show the following. The company recently discovered that in making physical counts of inventory, it had made the following errors: Year 1 ending inventory is understated by $50,000 and Year 2 ending inventory is overstated by $20,000 For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required: Year 1 Year 2 Year 3 $725,000 $ 955,000 $790,000 268,000) 275,000 250,000 1,247,000 1,360,000 1,230,000 1,387,000 1,580,000 1,245,000 1. For each key financial statement figure-(a), (b), (c) and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required Required 1 2 For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. Note: Amounts to be deducted must be entered with a minus sign. Cost of goods sold Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Net income: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Total current assets Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Equity Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Year 1 Year 2 Year 3 Required Required 2> Show less A