At the end of the year, the accountant for Metro Inc. failed to record interest expense incurred by the company during the year. The effect of this error would be: a. An overstatement of assets and an understatement of net income. b. An understatement of assets and an overstatement of net income. c. An understatement of net income and an overstatement of liabilities. d. An overstatement of net income and an understatement of liabilities. e. None of the above