After reporting the profit for the year, it is found that 13,200 of furniture reported as an asset by the year-end but it should have been fully depreciated. The effect of the correction of this error would be: 1) The gross profit will remain unchanged but net profit will decrease by 13,200 2) The gross profit and net profit would both decrease by 13,200 3) The gross profit would decrease by 13,200 but net profit would remain unchanged 4) The gross profit as well as net profit would both increase by 13,200