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, 2016, is understated by $63,000, and inventory on December 31, 2017, is overstated by $33,000 For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity 2016 2017 2018 $ 738,000$ 968,000$803,000 281,000 288,000 263,000 1,260,000 1,373,000 1,243,000 1,593,000 1,400, 000 Required: 1. For each key financial statement figure-(a), (b), (d), 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? Complete this questions by entering your answers in the tabs below. 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.) 2016 2017 2018 Cost of goods sold Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount Net income Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount Total current assets Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount Equity: Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount Required 1 Required 2> 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, 2016, is understated by $63,000, and inventory on December 31, 2017, is overstated by $33,000 For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity 2016 2017 2018 $ 738,000 $ 968,000 803,000 288,000 281,000 263,000 1,260,000 1,400,000 1,373,000 1,593,000 1,243,000 1,258,000 Required 1. For each key financial statement figure-(a), (b), (c), and (a) 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? Complete this questions by entering your answers in the tabs below. Required 1Required 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 KRequired 1 Required 2