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 $56,000 and Year 2 ending inventory is overstated by $20,000. For Year Ended December 31 Year 1 Year 2 Year 3 (a) Cost of goods sold $ 615,000 $ 957,000 $780,000 (b) Net income (c) Total current assets (d) Total equity Required: 230,000 285,000 241,000 1,255,000 1,365,000 1,200,000 1,387,000 1,530,000 1,242,000 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?