Bishop Co. began operations on January 1, 2020. Financial statements for 2020 and 2021 contained the following errors: Dec. 31, 2020 Dec. 31, 2021 Ending inventory $198,000 overstated $219,000 understated Depreciation expense 126,000 overstated Insurance expense 90,000 understated 90,000 overstated Prepaid insurance 90,000 overstated In addition, on December 31, 2021 fully depreciated equipment was sold for $43,200, but the sale was not recorded until 2022. No corrections have been made for any of the errors. Ignore income tax considerations. The total effect of the errors on Bishop's 2021 net income is understated or overstated by