Navajo Company's year-end 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 $69,000 and Year 2 ending inventory is overstated by $39,000. For Year Ended December 31 (a) Cost of goods sold (b) Net income. (c) Total current assets (d) Total equity Year 1 $ 744,000 287,000 1,266,000 1,406,000 Year 2 $ 974,000 294,000 1,379,000 1,599,000 Year 3 5 809,000 269,000 1,249,000 1,264,000 Required: 1. For each key financial statement figure (a), (b). (c) and (d) above-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) above-prepare a table to show the adjustments necessary to correct the reported amounts, Note: Amounts to be deducted must be entered with a minus sign.. Cost of goods sold Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Year 1 Year 2 Year 3