January 1 of year 1, Meridith, Inc., purchased equipment at a cost of $500,000. Management expects the equipment to remain in ice for five years, with zero residual value. Meridith, Inc., uses the straight-line depreciation method. Through an accounting error idith, Inc, accidentally expensed the entire cost of the equipment at the time of purchase. d the requirement plete the following table to show the overstatement (O) or understatement (U) in Equipment, net and Net income for each of the years. (Enter a "O" for any zero balances, and select a "C" in the O/U column is the value if correct) Accumulated a. b. ear Cost depreciation Equipment, net oIU Net income U 3