Error Analysis when the records of Archibald Corporation were reviewed at the close of 2011, the errors listed below was discovered. For each item indicate by a check mark in the appropriate column whether the error resulted in an overstatement, an understatement, or had no effect on net income for the years 2010 and 2011.

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2010 2011 Over- Under- No Over- Under- No statement statement Effect statement statement Item Effect 1. Failure to reflect supplies on hand on balance sheet at end of 2010. 2. Fallure to record the correct amount of ending 2010 inventory. The amount was understated because of an error in calculation. 3. Failure to record merchandise purchased in 2010o. Merchandise was also omitted from ending inventory in 2010 but was not yet sold. 4. Failure to record accrued interest on notes payable in 2010; that amount was recorded when paid in 2011. 5. Failure to record amortization of patent in 2011.