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 $60,000 and Year 2 ending Inventory is overstated by $30,000. For Year Ended December 31 Year 1 Year 2 Year 3 (a) Cost of goods sold $ 735,000 $ 965,000 $ 800,000 (b) Net income 278,000 285,000 260,000 (Total current assets 1,257,888 1,370,000 1,240,000 (d) Total equity 1,397,00 1,590,000 1,255,000 Required: 1. For each key financial statement figure-(a), (b), (0, 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.) Year 1 Year 2 Year 3 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 Complete this question by entering your answers in the tabs below. Required 1 Required 2 What is the total error in combined net income for the three-year period resulting from the inventory errors? Error in total net income of three years