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 $50,000 and Year 2 ending Inventory Is overstated by $20,000. For Year Ended December 31 Year 2 Year 3 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Required: Year 1 $ 725,000 268,000 1,247,000 1,387,000 $ 955,000 275,000 1,360,000 1,580,000 $ 790,000 250,000 1,230,000 1,245,000 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. (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 Corrected amount Net income: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Total current assets: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Equity: Reported amount Adjustment for 12/31/Year 1 error Adjustment for 12/31/Year 2 error Corrected amount Year 1 Year 2 Year 3