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 $65,000, and inventory on December 31, 2018, is overstated by $35,000. $ For Year Ended December 31 (a) Cost of goods sold (b) Net income Total current (c) assets (d) Total equity 2017 740,000 283,000 1,262,000 1,402,000 2018 $ 970,000 290,000 1,375,000 2019 $ 805,000 265,000 1,245,000 1,595,000 1,260,000 Required: 1. For each key financial statement figurea), (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? Required 1 Required 2 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.) 2017 2018 2019 Cost of goods sold: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error Corrected amount $ 0 $ 0 $ 0 Net income: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error $ 0 $ 0 $ 0 Corrected amount Total current assets: Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error $ 0 $ 0 $ 0 Corrected amount Equity Reported amount Adjustments for: 12/31/2017 error 12/31/2018 error Corrected amount $ 0 $ 0 $ 0 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? Complete this question by entering your answers in the tabs below. 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