(a) Flint Limited has a calendar-year accounting period. The following errors were discovered in 2023. 1. The December 31, 2021 merchandise inventory had been understated by $50,900. 2. 3. Merchandise purchased on account in 2022 was recorded on the books for the first time in February 2023, when the original invoice for the correct amount of $2,300 arrived. The merchandise had arrived on December 28, 2022, and was included in the December 31, 2022 merchandise inventory. The invoice arrived late because of a mix-up by the wholesaler. Inventory, valued at $1,500, held on consignment by Flint was included in the December 31, 2022 count. Your answer is partially correct. Calculate the effect of each error on the 2022 net income. (Do not leave any answer field blank. Enter O for amounts.) 1. Net income No Effect 2. Net income Overstated Understated 3. Net income SA 50900 2300