$7.$ Indicate the effect$$Understate$,$ Overstate, No Effect$$that each of the following errors has on $2024$ net income and $2025$ net income. $20242025($a$)$ Equipment purchased in $2022$ was expensed with a useful life of $5$ years. $($b$)$ Wages Payable were not recorded at $12/31/24.($ c$)$ Equipment purchased in $2024$ was expensed. $($d$)2024$ ending inventory was overstated. $($e$)$ Patent Amortization was not recorded in $2025$