7 Shockley Co. reported the following amounts in its financial statements: 20 Done Financial Statements for Year Ended December 31. 2020 2001 2022 5725,000 $57,000 $ 780,000 230,000 285,000 741,000 1,175,000 1,205,000 1,120,000 1,507.000 1,450,000 1,252,000 (a) Cost of goods sold (6) Profit (c) Total current assets (d) guity Skipped DON AR in making the physical counts of inventory, the following errors were made: Inventory on December 31, 2020: understated $72.000 Inventory on December 31, 202t overstated $30,000 PM Wence Required: For each of the preceding financial statement items-- (a). (b), (c) and (d) prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts (Negative answers should be indicated by a minus sign) 2020 2021 2022 5 725 000 $ 357 000 $ 780,000 Cost of goods sold Reported Adjustments Dec 31, 2000 error Dec 31, 2021 enor Conected $ 725 000 5 357.000 780 000 $ 780 000 725,000 $ 857,000 $ 7 Corrected b $ 230,000 $ 285,000 $ 241,000 20 points Profit Reported Adjustments Dec 31, 2020 error Dec 31, 2021 error Skipped $ 230 000 $ 285,000 $ 241.000 Corrected cBook C ALK s 1,175,000 $ 1.285,000 S 1,120,000 Print Total current assets Reported Adjustments Dec 31, 2020 error Dec 31, 2021 error Corrected References $ 1175,000 $1,285,000 $ 1,120,000 d $ 1,307,000 $ 1,450,000 $ 1,252,000 Equity Reported Adjustments Dec 31, 2020 error Dec 31, 2021 error Corrected $ 1,307,000 $1,450,000 $1252 000