arks Diversity Activity Monarch-Key We... Privacy error Mail - sdunnigan... O Liberty Office 365 Blackboard Main... Lu Liberty Problems Saved Help Save & Exit Sul Check my wo Navajo Company's 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 $66,000, and Year 2 ending inventory is overstated by $36,000. $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 741,000 284,000 1,263,000 1,403,000 Year 2 971,000 291,000 1,376,000 1,596,000 Year 3 806,000 266,000 1,246,000 1,261,000 Required: 1. For each key financial statement figure-(a), (b), (C, and (c) below-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 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.)