Shockley Co. reported the following amounts in its financial statements: 2022 $ (a) Cost of goods sold (b) Profit (c) Total current assets (d) Equity Financial Statements for Year Ended December 31. 2020 2021 715,000 $ 847,000 $ 770,000 220,000 275,000 231,000 1,155,000 1,265,000 1,100,000 1,287,000 1,450,000 1,232,000 In making the physical counts of Inventory, the following errors were made: Inventory on December 31, 2020: understated $70,000 Inventory on December 31, 2021: overstated $32.000 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 $ 715,000 $ 847.000 770,000 Cost of goods sold Reported Adjustments Dec 31, 2020 OTTO Dec 31, 2021 error Corrected $ 715,000 $ 847000 $ 770,000 2020 2021 2022 $ 715,000 $ 847,000 $ 770,000 Cost of goods sold Reported Adjustments. Dec 31, 2020 error Dec 31, 2021 error Corrected $ 715,000 $ 847,000 $ 770,000 b. Profit $ 220,000 $ 275,000 $ 231,000 Reported Adjustments: Dec 31, 2020 error Dec 31, 2021 error Corrected $ 220,000 $ 275,000 $ 231,000 C $ 1,155,000 $ 1,265,000 $ 1,100,000 Total current assets Reported Adjustments: Dec 31, 2020 error Dec 31, 2021 error Corrected $ 1,155,000 $1,265,000 $ 1,100,000 d. $ 1,287,000 S 1,430,000 $1,232,000 Equity Reported Adjustments: Dec 31, 2020 error Dec 31, 2021 error $ 1 287 000 S 1.430.000 $ 1.232 000