Feine Co. accepted delivery of merchandise which it purchased on account. As of December 31, Feine had recorded the transaction, but did not include the merchandise in its ending inventory count. The effect of this on the companys financial statements for the current year would be Select answer from the options below net income was correct and current assets were understated. net income, current assets, and retained earnings were understated. net income was overstated and current assets were understated. net income was understated and current liabilities were overstated