Indicate the effect-Understated, Overstated, or No Effect-that each of the following errors has on 2022 net income and 2023 net income: Wages payable were not recorded at Dec. 31, 2022. Equipment purchased in 2021 was expensed. 4 Equipment purchased in 2022 was expensed. Ending inventory at Dec. 31, 2022, was overstated. Patent amortization was not recorded in 2023. 2022 > > > >

Indicate the effect-Understated, Overstated, or No Effect-that each of the following errors has on 2022 net income and 2023 net income