My answer is partially correct, what is the correct answer? show work, thank you!

You have recently been hired by Pitchfork, Inc. to review its financial statements prepared for the years ending December 31, 20x1 and 20x2. Your review reveals the following: A three-year insurance policy was purchased for $54,000 on March 31, 20x1 and the full amount was debited to Insurance Expense. No adjusting entries have ever been made. Required: Determine the effect of this error on the 20x1 financial statements, and. if not corrected, the 20x2 financial statements. Use O for overstated; U for understated, and NE for no effect. If there is an effect, state the dollar amount. (When entering your answer, do not space between the letter and dollar amount Don't use commas. Example: If your answer is "Overstated by 1,000, enter your answer as O1000. Be careful to use a Capitalized "O and not a zero "0 when entering an answer as Overstated.) As of December 31: Assets Equity Net Inc Liabilities Equity Net Inc Liabilities Assets 20x1 20x2 20x2 20x2 20x2 20x1 20x1 20x1 018000 018000 NE 040500 O18000 U40500 NE U40500