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 $51,000, and inventory on December 31, 2017, is overstated by $21,000. For Year Ended December 31 2016 (a) Cost of goods sold $ 726,000 $ 2017 (b) Net income (c) Total current assets (d) Total equity 269,000 1,248,000 1,388,000 2018 956,000 $ 791,000 276,000 1,361,000 1,581,000 251,000 1,231,000 1,246,000 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 error in total net income for the combined three-year period resulting from the inventory errors?