Assume WestJet repaired one of its Boeing 737 aircraft at a cost of $0.8 million, which WestJet paid in cash. Further, assume that the WestJet accountant erroneously capitalized this cost as part of the cost of the plane. Show the effects of the accounting error on WestJet's income statement and balance sheet. To answer this question, determine whether revenues, total expenses, net income, total assets, and shareholders' equity would be overstated or understated by the accounting error.