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Shockley Co. reported the following amounts in its financial statements: Financial Statements for Year Ended December 31. 2020 2021 2022 720,000 $ 852,000 $ 775,000 225,000 280,000 (a) Cost of goods sold $ (b) Profit 236,000 (c) Total current assets 1,110,000 (d) Equity 1,165,000 1,275,000 1,297,000 1,440,000 1,242,000 In making the physical counts of inventory, the following errors were made: Inventory on December 31, 2020: understated $71,000 Inventory on December 31, 2021: overstated $31,000 Required: For each of the preceding financial statement items-(a), (b), (c), and (d)-prepare a schedule similar to the following and show the adjustments that would have been necessary to correct the reported amounts. (Negative answers should be indicated by a minus sign.) 0000 2024 2022