M Gmail YouTube Maps (506) Blackbear &... Fatima Hammoud.... networks- Discov.... Mathway | Algebra... Chapter 5 Problems Saved 7 3.58 points Skipped 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 $54,000, and Year 2 ending inventory is overstated by $24,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 Year 2 $ 729,000 $ 959,000 $ Year 3 794,000 272,000 1,251,000 1,391,000 279,000 1,364,000 1,584,000 254,000 1,234,000 1,249,000 Help eBook Print References 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. Mc 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 $ 0 Net income Renorted amount < Prev 7 of 7 Next >