When the records of Aoki Corporation were reviewed at the close of 2015, the errors listed were discovered. For each item, indicate by a check mark in the appropriate column whether the error resulted in an overstatement, an understatement, or had no effect on net income for the years 2014 and 2015.

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Item: 1. Fallure to reflect supplies on hand on statement of financial position at end of 2014. 2. Failure to record the correct amount of ending 2014 Inventory. The amount was understated because of an error in calculation. 3. Fallure to record, until 2015, merchandise purchased in 2014. Merchandise was also omitted from ending inventory in 2014 but was not yet sold. 4. Failure to record accrued Interest on notes payable in 2014; that amount was recorded when paid in 2015. 5. Fallure to record amortization of patent in 2015. 2014 2015 Over- Under- statement statement No Effect Over- Under- No statement statement Effect