Chapter 05 Homework Saved 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: Inventory on December 31, 2017, is understated by $58,000, and inventory on December 31, 2018, is overstated by $28,000. points For Year Ended December 31 (a) Cost of goods sold (b) Net income (C) Total current assets (d) Total equity 2017 $ 733,000 276,000 1,255,000 1,395,000 2018 $ 963,000 283,000 1,368,000 1,588,000 2019 $ 798,000 258,000 1,238,000 1,253,000 eBook Print Required: 1. For each key financial statement figure-(a), (b), (c), and (d) below-complete the table to show the adjustments necessary to correct the reported amounts. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors? References 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-complete the table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) 2017 2018 2019 Cost of goods sold: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error Corrected amount Net income: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error Corrected amount Total current assets: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error Corrected amount Equity Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error Corrected amount Required 1 Required 2 > Required i Required 2 What is the error in total net income for the combined three-year period resulting from the inventory errors? Error in total net income of three years