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, 2015, is understated by $70,000, and inventory on December 31, 2016, is overstated by $40,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity 2015 2016 2017 S 745,000 288,000 1,267,000 295,000 1,380,000 1,407,000 ,600,000 975,00D 810,000 270,000 1,250,000 ,265,000 Required 1. For each key financial statement figure minus sign.) (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 Cost of Goods Sold: 2015 2016 2017 Reported amount 1231/2015 error 12/31/2016 error Corrected amount 2015 2016 2017 Net Income Reported amount Adjustments for:1231/2015 error 12/31/2016 error Corrected amount Total Current Assets 2015 2016 2017 Reported amount 12/31/2015 error 12/31/2016 error Corrected amount 2015 2016 2017 Equity Reported amount Adjustments for: 1231/2015 error 12/31/2016 error