Navajo company’s financial statements show the following. the company recently discovered that in making physical counts of inventory, it had made the following errors: inventory on december 31, 2015, is understated by $63,000, and inventory on december 31, 2016, is overstated by $33,000.for year ended december 31 2015 2016 2017(a) cost of goods sold $ 738,000 $ 968,000 $ 803,000(b) net income 281,000 288,000 263,000(c) total current assets 1,260,000 1,373,000 1,243,000(d) total equity 1,400,000 1,593,000 1,258,000 required: 1. for each key financial statement figure—(a), (b), (c), and (d) below—prepare a table to show the adjustments necessary to correct the reported amounts. (amounts to be deducted must be entered with a minus sign.)2. what is the error in total net income for the combined three-year period resulting from the inventory errors?