QUESTION 2 2 points Save Answer You have recently been hired by ABC, Inc. to review its financial statements prepared for the years ending December 31, Y1 and Y2. Your review reveals an error: A one-year note payable of $8,000 was given by ABC to a supplier in exchange for equipment on May 1 Y1. The note has an annual i erest rate o 15%. No interest was accrued on the note during Y1. All interest was recorded at maturity on April 30, Y2 Required: Determine the effect of the errorfs) on the Y1 financial statements, and, if not corrected, the Y2 financial statements. Use O for overstated; U for understated, and NE for not effected. If there is an effect, state the dollar amount. (DO NOT SPACE BETWEEN THE LETTER AND DOLLAR AMOUNT; DONT USE COMMA'S. Example: IF YOUR ANSWER IS "OVERSTATED BY 1,000", ENTER YOUR ANSWERAS O100o.) December 31 Assets Y Net Income Y1 Owners' Equity Y1Assets Y2 Liabilities Y1 Liabilities Y2 Net Income Y2 Owners' Equity Y2