Blossom Company purchased a one-year insurance policy in January 2021 for $42480. The insurance policy is in effect from March 2021 through February 2022. If the company neglects to make the proper year-end adjustment for the expired insurance: net income and assets will be overstated by $35400. Onet income and assets will be understated by $7080. net income and assets will be understated by $35400 O net income and assets will be overstated by $7080