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 $52,000, and inventory on December 31, 2017, is overstated by $22,000. For Year Ended December 31 2016 2017 2018 (a) Cost of goods sold $ 727,000 $ 957,000 $ 792,000 (b) Net income 270,000 277,000 252,000 (c) Total current assets 1,249,000 1,362,000 1,232,000 (d) Total equity 1,389,000 1,582,000 1,247,000 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? Complete this questions 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.) 2016 2017 2018 Cost of goods sold: Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount $ 0 $ 0 $ 0 Net income: Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount $ 0 $ 0 $ 0 Total current assets: Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount $ 0$ 0 $ Equity: Reported amount Adjustments for: 12/31/2016 error 12/31/2017 error Corrected amount $ 0 $ 0 $ 0