During the audit of a client, a member of the audit team discovers an overstatement of $350,000 in the revenue account. The following data relates to the audit: Client Information: Revenues $20,300,000 Expenses -$20,100,000 Net Income $200,000 Total Assets $28,000,000 Audit Materiality Information: Overall Materiality $500,000 Required: a. Is the overstatement in the revenue account quantitatively material? Explain your answer. Use complete sentences. (No ChatGPT or AI) _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ _________________________________________________________________ b. Is the overstatement in the revenue account qualitatively material? Explain your answer. Use complete sentences. (No ChatGPT or AI)\