At the end of the accounting period, adjustments are made before preparing financial statements. The accountant at TockTick Company failed to record the using up of long-term equipment during the period. Due to this failure, which of the following would be true? Net income would be understated and total assets would be correctly stated Net income would be understated and total assets would be overstated Net income would be understated and total assets would be understated Net income would be overstated and total assets would be understated Net income would be overstated and total assets would be overstated