7 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 $52,000 and Year 2 ending Inventory is overstated by $22,000 58 For Year Ended December 31 Year 1 oints (a) Cost of goods sold $ 727,000 (b) Net income 270,000 Skipped (c) Total current assets (d) Total equity 1,249,000 1,389,000 Year 2 $ 957,000 277,000 1,362,000 Year 3 $ 792,000 252,000 1,232,000 1,582,000 1,247,000 Required: eBook Print 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 References Required 1 Required 2 Mc Graw 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. (Amounts to be deducted must be entered yeth a minus sign) Cost of goods sold. Reported amount Adjustment for 12/31/Year 1 emor Adjustment for 12/31/Year 2 error Corrected amount Nel 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 Conected amount Equity Reported amount Adjustment for 12/31/Year 1 enor Adjustment for 12/31/Year 2 error Corrected amount Year 1 Year 21 Year 3 Required 2 >