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 $50,000, and inventory on December 31, 2018, is overstated by $20,000. For Year Ended December 31 2017 2018 2019 Cost of (a) goods $ 725,000 $ 955,000 $ 790,000 sold 268,000 275,000 250,000 income Total (c) current 1,247,000 1,360,000 1,230,000 assets (a) equity 1,387,000 1,580,000 1,245,000 (b) Net (d) Total for: for: Required: 1. 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. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors? vurur yvuus sold: Reported amount Adjustments 12/31/2017 error 12/31/2018 error Corrected $ 0 $ 0$ amount Net income: Reported amount Adjustments 12/31/2017 error 12/31/2018 error Corrected $ $ $ amount Total current assets: Reported amount Adjustments 12/31/2017 for: error 12/31/2018 error Corrected amount Equity: Reported amount Adjustments 12/31/2017 for: error 12/31/2018 error Corrected amount | $ 0 % 0 % 0 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 $50,000, and inventory on December 31, 2018, is overstated by $20,000. For Year Ended December 31 2017 2018 2019 Cost of (a) goods $ 725,000 $ 955,000 $ 790,000 sold 268,000 275,000 250,000 income Total (c) current 1,247,000 1,360,000 1,230,000 assets (a) equity 1,387,000 1,580,000 1,245,000 (b) Net (d) Total for: for: Required: 1. 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. 2. What is the error in total net income for the combined three-year period resulting from the inventory errors? vurur yvuus sold: Reported amount Adjustments 12/31/2017 error 12/31/2018 error Corrected $ 0 $ 0$ amount Net income: Reported amount Adjustments 12/31/2017 error 12/31/2018 error Corrected $ $ $ amount Total current assets: Reported amount Adjustments 12/31/2017 for: error 12/31/2018 error Corrected amount Equity: Reported amount Adjustments 12/31/2017 for: error 12/31/2018 error Corrected amount | $ 0 % 0 % 0