Early in 2023 company was acquired by a new owner who discovered errors in the accounting records. the new owner would like you to analyze the error described and then determine the impact on the different accounting items listed. Each error should be analyzed separately. Be sure to indicate the $ amount and whether or not the error caused the item to be overstated or understated or no effect

Error

For the year ended 12/31/2020, depreciation expense was overstated by $45,000

Net Income for the period ending 12/31/2020 ?

Retained Earnings as of 12/31/2020 ?

Working Capital as of 12/31/2020 ?

Net Income for period ending 12/31/2021 ?

Retained Earnings as of 12/31/2021 ?

Working Capital as of 12/31/2021 ?