Air New Zealand (ANZ) is a Star Alliance member airline. Assume that early in 2020, ANZ purchased equipment at a cost of $220,000 (NZ). Management expects the equipment to remain in service for four years and estimated residual value to be ANZ uses the straight-line depreciation method. Through an accounting error, ANZ expensed the entire cost of the equipment at the time of purchase. Requirement Prepare a schedule to show the overstatement or understatement in the following items at the end of each year over the four-year life of the equipment. Ignore income taxes. 1. Total current assets 2. Equipment, net 3. Net income 4. Shareholders' equity #E Year 2021 2020 2022 2023 New Zealand $ Total current assets Equipment, net Net income Shareholders' equity