Navajo Companys 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 $66,000, and Year 2 ending inventory is overstated by $36,000.

For Year Ended December 31		Year 1		Year 2		Year 3
(a)	Cost of goods sold	$	741,000	$	971,000	$	806,000
(b)	Net income		284,000		291,000		266,000
(c)	Total current assets		1,263,000		1,376,000		1,246,000
(d)	Total equity		1,403,000		1,596,000		1,261,000

Required: 1. For each key financial statement figure(a), (b), (c), and (d) belowprepare 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?