At the end of the financial year, the usual adjusting entry for depreciation on equipment was omitted. Which of the following statements is true? Select one: a. Net profit will be overstated for the current year O b. Total assets will be understated at the end of the current year O c. The balance sheet and income statement will be misstated but the statement of changes in equity will be correct for the current year O d. Net profit will be understated for the current year O e. Both (a) and (b) are correct