Ch 6 Homework Saved 20 2 points Shockley Co. reported the following amounts in its financial statements: (a) Cost of goods sold (b) Profit (c) Total current assets eBook (d) Equity Ak Dent 2020 Financial Statements for Year Ended December 31.1 2021 $ 755,000 $ 887,000 $ 2022 260,000 1,235,000 1,367,000 315,000 1,345,000 810,000 271,000 1,510,000 1,180,000 1,312,000 References In making the physical counts of inventory, the following errors were made: Inventory on December 31, 2020: understated $78,000 Inventory on December 31, 2021: overstated $24,000 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)