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 $56,000 and Year 2 ending inventory, is overstated by $20,000. $ $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 615,000 230,000 1,255,000 1,387,000 Year 2 957,000 285,000 1,365,000 1,530,000 Year 3 780,000 241,000 1,200,000 1,242,000 Required: 1. For each key financial statement figurea), (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? 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 Adjustments for: 12/31/Year 1 error 12/31/Year 2 error $ 0 $ 0 $ 0 Corrected amount Net income: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error $ 0 $ 0 $ Corrected amount Total current assets: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error $ 0 $ 0 $ 0 Corrected amount Equity: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount 0 $ 0 $