Chec 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 $52,000, and Year 2 ending inventory is overstated by $22.000. $ For Year Ended December 31 (a) Cost of goods sold (6) Net income (0) Total current assets (d) Total equity Year 1 727, eee $ 270, eee 1,249,eee 1,389,00 Year 2 957, eee $ 277,eee 1,362, eee 1,582, 80e Year 3 792.ee 252, ee 1, 232, eee 1,247, Bee Required: 1. 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 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? 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.) Year 1 Year 2 Year 3 Cost of goods sold: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 S 0 Net income: Reported amount Adjustments for 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 Total current assets: es Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 Equity: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount S 0 $ 0 $ 0 REQUE Required 2 > Prey 7 of 7 :: Next 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 $52,000, and Year 2 ending inventory is overstated by $22,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 727,000 270,000 1,249,000 1,389,000 Year 2 957,000 277,000 1,362,000 1,582,eee Year 3 792,000 252,800 1,232,000 1, 247,000 Required: 1. 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. 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 What is the error in total net income the combined three-year period resulting from the inventory errors? Error in total net income of three years