Navajo Company's financial statements show the following. The company recentily discovered that in making physical counts of inventory, it had made the following errors: Inventory on December 31, 2016, is understated by $56,000, and inventory on December 31, 2017, is overstated by $26,000 For Year Ended December 31 a) Cost of goods sold b) Net income C) Total current assets 2016 731,000 274,000 2017 961,000 281,000 2018 796,000 256,000 1,366,0001,236,000 1,393.0001,586.0001.251.000 1,253,000 d) Total equity 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 error in total net income for the combined three-year period resulting from the inventory errors? Required Required 2 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. (Amounts to be deducted must be entered with a minus sign.) Cost of goods sold Reported amount for 1231/2018 eror 231/2017 eror Corrected amount Net income: Reported amount Adjustments for 12/31/2018 error 12/31/2017 error Corrected amount Total current assets Reported amount Adjustments for: 1231/2010 eror 1231/2017 error Corrected amount Reported amount Adjustments for. 1231/2010 error Corrected amount 231/2017 emor Required 2> Complete this questions by entering your answers in the tabs below Required 1 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 Required 1