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Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2020 net income and 2021 net income. 2020 2021 (a) Equipment (with

Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2020 net income and 2021 net income. 2020 2021 (a) Equipment (with a useful life of 5 years) was purchased and expensed in 2018. (b) Wages payable were not recorded at 12/31/20. (c) Equipment purchased in 2020 was expensed.

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