2) On December 31, 2017, Mauricio Ltd. prepared an income statement and balance sheet and failed to take into account three adjusting entries. 1) Amortization of $7,000 was not recorded on equipment. ) Wages amounting to $8,000 for the last two days in December were not paid and not recorded. The next payroll will be in January 3) Insurance of $12,000 was paid for two months in advance on December 1. The entire amount was debited to Insurance Expense when paid. Instructions Complete the following table by indicating the impact on each item as either Overstated (O). Understated (U) or No Change (NC). Items Assets Liabilities Owner's Equity Revenue Expenses Net Income Amortization Wages Insurance