1. At the end of the fiscal year, the following adjusting entries were omitted:

(a) No adjusting entry was made to recognize depreciation expense on equipment of $900.

(b) No adjusting entry was made to record unearned revenues earned of $3,400

Assuming that financial statements are prepared before the errors are discovered, indicate the effect of each error, considered individually, by inserting the dollar amount in the appropriate spaces. Insert "0" if the error does not affect the item.

		Error (a)		Error (b)
		Over- stated	Under- stated	Over- stated	Under- stated
(1)	Assets at December 31 would be	$	$	$	$
(2)	Liabilities at Dec. 31 would be	$	$	$	$
(3)	Net income for the year would be	$	$	$	$
(4)	Shareholders equity at Dec. 31 would be	$	$	$	$