Saved Navajo Company's year-end 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 $52,000 and Year 2 ending inventory is overstated by $22,000. $ $ For Year Ended December 31 (a) Cost of goods sold (b) Net income (c) Total current assets (d) Total equity Year 1 727,000 270,000 1,249,000 1,389,000 Year 2 957,000 $ 277,000 1,362,000 1,582,000 Year 3 792,000 252,000 1,232,990 1,247,000 Required: 1. For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts, 2. What is the total error in combined net income for the three-year period resulting from the inventory errors? Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the adjustments necessary to correct the reported amounts. (Amounts to be deducted must be entered with a minus sign.) Year 1 Year 2 Year 3 Cost of goods sold: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error $ 0 $ 0 $ Corrected amount Net income: Reported amount Adjustments for 12/31/Year 1 error 12/31/Year 2 error $ 0 S 0 s Corrected amount Total current assets Reported amount Adjustments for 12/31/Year 1 error 12/31/Year 2 error Mc Graw HII Complete this question by entering your answers in the tabs below. Required 1 Required 2 For each key financial statement figure-(a), (b), (c), and (d) above-prepare a table to show the correct the reported amounts. (Amounts to be deducted must be entered with a minus sign) Year 1 Year 2 Year 3 Cost of goods sold: Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ Net income: Reported amount Adjustments for 12/31/Year 1 error 12/31/Year 2 error Corrected amount Total current assets. $ 0 $ $ 0 Reported amount Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 Equity Reported am Adjustments for: 12/31/Year 1 error 12/31/Year 2 error Corrected amount $ 0 $ 0 $ 0 Required Required 2 > 1