Question: Indicate the effect - Understate, Overstate, No Effect - that each of the following errors has on 2 0 2 5 net income and 2

Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2025 net income and 2026 net income. Equipment (with a useful life of 5 years) was purchased and expensed inb. Wages payable were not recorded at 12/31/25.Equipment purchased in 2025 was expensed.2025 ending inventory was overstated.Patent amortization was not recorded in 2026.

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