Each of the following items describes an accounting error made by ABC Company. Each item should be treated completely independently of the other two items. Indicate the effect of each item by selecting "OVER" for overstate; "UNDER" for understate; or "NO EFFECT" for no effect or correct. 1. ABC Corp. declared a small stock dividend on 12/15/X1 but did not record the transaction until the stock distribution date of 1/5/X2. Assets, 12/31/Year X1: [ Select ] Net Income, Year X1: [ Select ] Retained Earnings, 12/31/Year X1: [ Select ] Total Equity, 12/31/Year X1: [ Select ] Assets, 12/31/Year X2: [ Select ] Net Income, Year X2: [ Select ] Retained Earnings, 12/31/Year X2: [ Select ] Total Equity, 12/31/Year X2: [ Select ]