139. Wave Inn is a resort located in Canada. During December 2015, Spin Jammers held its annual conference at the resort. The charges related to the conference total $440,000, of which 25% has been paid by Spin Jammers. Assuming Spin Jammers fails to make the appropriate adjusting entry. which of the following is true regarding its December 31, 2015 statement of nancial position? a. Equity is overstated by $330,000. b. Equity is understated by $110,000. c. Liabilities are overstated by $330,000. d. Liabilities are overstated by $110,000