Book ferences Mc 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 For Year Ended December 311 (a) cost of goods sold (b) Net income (c) Total current assets - (d) Total equity Required: Year 1 Year 3 $ 792,000 $ 727,000 Year 2 $ 957,000 270,000 1,249,000 1,389,000 277,000 252,000 1,362,000 1,232,000 1,582,000 1,247,000 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 1 Required 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. (Amounts to be deducted must be entered with a minus sign.) Cost of goods sold Reported amount Adjustment for 12/31/Year 1 enor Adjustment for 12/31/Year 2 error Corrected amount Net income Reported amount Adjustment for 12/31/Year 1 error Adantment 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 er 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 05 Year 3