For each of the following situations, indicate the effect on assets, net income, and retained earnings at

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Question:

For each of the following situations, indicate the effect on assets, net income, and retained earnings at December

31, 2020

and

2021

as follows: O if the financial statement element is overstated. U if the financial statement element is understated. NE if there is no effect on the financial statements.Provide a brief explanation for your choice eg NI U expenses too high Note: please present in a table form.