Windsor, Inc. purchased a one-year insurance policy in February 2024 for $36120. The insurance policy is in

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Windsor, Inc. purchased a one-year insurance policy in February 2024 for $36120. The insurance policy is in effect from March 2024 through February 2025. If the company neglects to make the proper December 31, 2025 year-end adjustment for the expired insurance

net income and assets will be overstated by $30100.

net income and assets will be understated by $6020.

net income and assets will be understated by $30100.

net income and assets will be overstated by $6020.