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 $60,000, and Year 2 ending inventory is overstated by $30,000 Year 1 Year 2 Year 3 For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity 965,00e 285,000 1,370,000 1, 590, 800, e 260, 0e0 1, 240, 1, 255, 0 735, 0 278, 1, 257,000 1,397,000 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 total error in combined net income for the three-year period resulting from the inventory errors? Complete this question 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.) Year 1 Year 2 Year 3 Cost of goods sold: Reported amount 12/31/Year 1 error Adjustments for: 12/31/Year 2 error $ $ 0 0 Corrected amount $ Net income: Reported amount 12/31/Year 1 error Adjustments for 12/31/Year 2 error $ $ Corrected amount C $ Total current assets: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error 0$ $ Corrected amount 0 $ Equity: Reported amount Adjustments for 12/31/Year 1 error 12/31/Year 2 error $ $ $ Corrected amount 0 0 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 ww