Kerry Corporation purchased a piece of equipment in 2021 for $20,000. The equipment was expected to have a useful life of 10 years with no residual/salvage value. Kerry Corporation recorded the purchase of the equipment as follows: Which of the following is true? a) The December 31, 2021 Retained Earnings balance is understated. b) Total assets as of December 31,2021 are understated. c) Net Income for 2021 is understated. d) All of the above are true