Problem 6-6A Analysis of inventory errors LO A2 Navajo Company's 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 3 809,000 269,000 1,249,000 1,264,000 Required: 1. For each key financial statement figure-(a), (b), (c), and (d) below-prepare a table to show the adjustments necessary to correct reported amounts. 2. What is the total error in combined net income for the three-year period resulting from the inventory errors