Air New Zealand (ANZ) is a Star Alliance member airline Assume that early in 2020, ANZ purchased equipment at a cost of $160,000 (NZ). uses the straight-line depreciation method Through an accounting error, ANZ expensed the entire cost of the equipment at the time of purch 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 1. Total current assets 2. Equipment, net 3. Net Income 4. Shareholders' equity Year 2020 2021 2022 2023 New Zealand S Total current assets Equipment, net Net income Shareholders' equity $160,000 (NZ). Management expects the equipment to remain in service for four years and estimated residual value to be negligible ANZ he time of purchase ar-year life of the equipment. Ignore income taxes V Requirement Prepare a schedule to show the overstatement or understatement in the following items at the end of each your over the four year ide of the equipment ignore income taxes 1. Total current assets 2. Equipment, net 3. Net income 4. Shareholders' equity Year 2020 2021 2022 2023 New Zealand Total current assets Equipment, net Net income Shareholders' equity