Navajo Companys 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, 2017, is understated by $53,000, and inventory on December 31, 2018, is overstated by $23,000.

1. For each key financial statement figure(a), (b), (c), and (d) belowcomplete the 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?

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, 2017, is understated by $53,000, and inventory on December 31, 2018, is overstated by $23,000. For Year Ended 31 (a) goods 728,000 $ 958,000 793,000 2017 2018 2019 Cost of sold Net income Total 271,000 278,000 253,000 (c)current 1,250,000 1,363,000 1,233,000 assets d Total 1,390,000 1,583,000 1,248,000 equity Required: 1. For each key financial statement figure-(a), (b), (c), and (a) below-complete the 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 question by entering your answers in the tabs below Required Required For each key financial statement figure-(a), (b), (c), and (d) below-complete the table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.)