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 $69,000, and Year 2 ending inventory is overstated by $39,000.

For Year Ended December 31		Year 1		Year 2		Year 3
(a)	Cost of goods sold	$	744,000	$	974,000	$	809,000
(b)	Net income		287,000		294,000		269,000
(c)	Total current assets		1,266,000		1,379,000		1,249,000
(d)	Total equity		1,406,000		1,599,000		1,264,000

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?