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 (d) Equity 2020 2022 $ 750,000 $ 882,000 $ 805,000 255,000 1,225,000 310,000 1,335,000 266,000 1,170,000 1,357,000 1,500,000 1,302,000 In making the physical counts of inventory, the following errors were made: Inventory on December 31, 2020: understated $77,000 Inventory on December 31, 2021: overstated $25,000 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.) Cost of goods sold 2020 2021 2022 a. Cost of goods sold: Reported Adjustments: Dec. 31, 2020 error 2020 2021 2022 $ 750,000 $ 882,000 $ 805,000 Dec. 31, 2021 error Corrected $ 750,000 $ 882,000 $ 805,000 b. Profit Reported $ 255,000 $ 310,000 $ 266,000 Adjustments: Dec. 31, 2020 error Dec. 31, 2021 error Corrected $ 255,000 $ 310,000 $ 266,000 C Total current assets Reported $ 1.225,000 $ 1,335,000 $ 1,170,000 Adjustments: Dec. 31, 2020 error Dec 31, 2021 error b. Profit Reported Adjustments: Dec. 31, 2020 error $ 255,000 $ 310,000 $ 266,000 Dec. 31, 2021 error Corrected $ 255,000 $ 310,000 $ 266,000 C. Total current assets: Reported Adjustments: Dec. 31, 2020 error $ 1,225,000 $ 1,335,000 $ 1,170,000 Dec. 31, 2021 error Corrected $ 1,225,000 $ 1,335,000 $ 1,170,000 d. Equity: Reported $ 1,357,000 $ 1,500,000 $ 1,302,000 Adjustments: Dec. 31, 2020 error Dec. 31, 2021 error Corrected 1,357,000 $ 1,500,000 $ 1,302,000