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 $60,000, and Year 2 ending Inventory Is overstated by $30,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 $ 735,000 $ 278,000 1,257,000 1,397,000 Year 2 965,000 285,000 1,370,000 1,590,000 Year 3 $ 800,000 260,000 1,240,000 1,255,000 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 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.) Cost of goods sold: Reported amount Adjustments for: Year 1 Year 2 Year 3 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 Net income: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount Total current assets: Reported amount Adjustments for: $ 0 $ 0 19 $ 0 12/31/Year 1 error 12/31/Year 2 error Corrected amount Equity: Reported amount Adjustments for: $ 0 $ 0 $ 0 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 < Required 1 Required 2 >