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 750,000 $ 255,000 1,225,000 1,357,000 2022 882,000 $ 310,000 805,000 266,000 1,335,000 1,170,000 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.) 2020 2021 2022 Cost of goods sold Reported $ 750,000 $ 882.000 $ 805.000 Adjustments Dec 31, 2020 error Pray 5 of 10 Nortas