Irvine Company operates a large trucking fleet. The company performed a major overhaul on one of its trucks in the amount of $50,000 that extended the useful life of the truck. Irvine Company's accountant erroneously expensed the capital expenditure. What are the effects of the accounting error on Irvine Company's income statement for the year the error was made? Expenses are understated, income and assets are overstated. Expenses are overstated, income and assets are understated. Expenses, assets, and income are all understated. O Expenses and assets are overstated and income is understated. Expenses and assets are understated and income is overstated