Air New Zealand (ANZ) is a Star Alliance member airline. Assume that early in 2020, ANZ purchased equipment at ac equipment to remain in service for four years and estimated residual value to be negligible. ANZ uses the straight-line 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 overt 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 per airline. Assume that early in 2020, ANZ purchased equipment at a cost of $220,000 (NZ) Management expects the nd estimated residual value to be negligible. ANZ uses the straight-line depreciation method. Through an accounting error, at the time of purchase or understatement in the following items at the end of each year over the four-year life of the equipment Ignore income Net income 4. Shareholders' equity Year 2021 2022 2023 New Zealand $