8)Herbert Inc. performed ordinary maintenance on a piece of equipment. The maintenance did not extend the life or improve the economic capabilities of the equipment. However, Herbert capitalized the expenditure. Because of this accounting error, in the current period:

Group of answer choices

Assets are understated, Net Income is overstated

Assets are overstated, Net Income is understated

Assets are overstated, Net Income is overstated

Assets are understated, Net Income is understated