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.
a. equipment (with a useful life of 5 years) was purchased and expensed in 2023.
b. wages payable were not recorded at 12/31/25.
c. equipment purchased in 2025 was expensed.
d.2025 ending inventory was overstated.
e. patent amortization was not recorded in 2026

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