Question: failure to record amortization expense on a patent during the current year will result in which of the following? a assets will be overstated but

failure to record amortization expense on a patent during the current year will result in which of the following? a assets will be overstated but there would be no effect on net income for the year period b net income and assets will both be understated. c net income will be overstated but there would be no effect on total assets. d net income for the year and total assets would both be overstated

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