Cullumber Ltd$.\text{'}$s December $31$ year$^2$end financial statements contained the followingerrors: An insurance premium of $\backslash (\backslash$$ $3720\backslash )$ was prepaid in $2022$ covering the calendar years $2022,2023,$ and $2024.$ This had been debited to insurance expense. In addition, on December $31,2023,$ fully depreciated machinery was sold for $\backslash (\backslash$$ $2020\backslash )$ cash, but the sale was NOT recorded until $2024.$ There were no other errors during $2023$ or $2024$ and no corrections have been made for any of the errors. Ignore income tax considerations. What is the total net effect of the errors on the amount of Cullumber's working capital at December $31,2023?$Working capital overstated by $\backslash (\backslash$$ $880\backslash )$Working capital understated by $\backslash (\backslash$$ $2290\backslash )$Working capital overstated by $\backslash (\backslash$$ $100\backslash )$Working capital understated by $\backslash (\backslash$$ $1140\backslash )$