When the records of Hilda Corporation were reviewed at the close of 2020, the following errors were discovered. 

Instructions 

For each item, indicate by a check mark in the appropriate column whether the error resulted in an overstatement or understatement, or had no effect on net income for the years 2019 and 2020.

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2019 2020 Over Under No Over Under No statement statement Effect statement statement Effect 1. Failure to record amortization of patent in 2020 2. Failure to record the correct amount of ending 2019 inventory (the amount was understated because of a calculation error) 3. Failure to record merchandise purchased in 2019 (it was also omitted from ending inventory in 2019 and remained unsold at the end of 2020) 4. Failure to record accrued interest on notes payable in 2019 (the amount was recorded when paid in 2020) 5. Failure to reflect supplies on statement of financial position at end of 2019