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 $53,000, and Year 2 ending Inventory Is overstated by $23,000. For Year Ended December 31 Year 1 Year 2 Year 3 (a) cost of goods sold 728, 900 958, 800 793, 080 (b) Net income 271, 000 278, 800 253, 080 (c) Total current assets 1, 250, 006 1, 363, 080 1, 233, 080 (d) Total equity 1, 390, 906 1, 583, 080 1, 248, 080 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 perlod resulting from the Inventory errors?Required 1 Required 2 For each key financial statement figure-(), (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 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: 12/31/Year 1 error 12/31/Year 2 error Corrected amount Equity: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount 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