Air New Zealand (ANZ) is a Star Alliance member airline. Assume that early in 2017, ANZ purchased equipment at a cost of $250,000 (NZ). Management expects the equipment to remain in ser be negligible. 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 Year 2017 2010 2020 2018 New Zealand $ Correct 62,500 over Total current assets Equipment, net Net income Shareholders' equity