A payment for insurance on 1 January for $18 000, covering the period 1 January 2019 to 31 December 2019, was recorded as a prepayment. No adjusting entry was made at 30 June 2019. As a result: Select one: a. profit was understated by $5 000 and assets overstated by $9 000. b. profit and total assets were understated by $9 000. c. profit was overstated by $5 000 and assets understated by $9 000. d. assets were overstated by $9 000 and net profit overstated by $9 000