Shockley Co. reported the following amounts in its financial statements: Financial Statements for Year Ended December 31. 2021 (a) Cost of goods sold (b) Profit (c) Total current assets 2020 2022 $ 720,000 $ 852,000 $ 775,000 225,000 1,165,000 1,297,000 1,440,000 280,000 1,275,000 236,000 1,110,000 1,242,000 (d) Equity 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.) 2020 2021 2022 Cost of goods sold Reported $ 720,000 $ 852,000 $ 775,000 Adjustments Dec 31, 2020 error Dec 31, 2021 error 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 adjustments that would have been necessary to correct the reported amounts. (Negative answers shoul sign.) Cost of goods sold 2020 2021 2022 Reported $ 720,000 $ 852,000 $ 775,000 Adjustments. Dec. 31, 2020 error Dec. 31, 2021 error Corrected $ 720,000 $ 852,000 $ 775,000 b. Profit Reported Adjustments: Dec. 31, 2020 error $ 225,000 $ 280,000 $ 236,000 Dec. 31, 2021 error Corrected $ 225,000 $ 280,000 $ 236,000 Corrected b. Profit Reported Adjustments Dec 31, 2020 error S 720,000 $ 852,000 $ 775,000 225,000 $ 280,000 $ 236,000 Dec. 31, 2021 error Corrected 225,000 $ 280,000 $ 236,000 C. Total current assets: Reported Adjustments Dec. 31, 2020 error $ 1,165,000 $ 1,275,000 $ 1,110,000 Corrected d Equity Dec. 31, 2021 error $ 1,165,000 $ 1,275,000 $ 1,110,000 Reported Adjustments: Dec. 31, 2020 error Dec 31, 2021 error Corrected $ 1,297,000 $ 1,440,000 $ 1,242,000 $ 1,297,000 $ 1,440,000 $ 1,242,000