156. Niagara Corporation purchased a one-year insurance policy in January 2016 for 24,000. The insurance policy is in effect from March 2016 through February 2017. If the company neglects to make the proper year-end adjustment for the expired insurance a. Net income and assets will be understated by 20,000. b. Net income and assets will be overstated by 20,000. C. Net income and assets will be understated by 4,000. d. Net income and assets will be overstated by 4,000