Listed below is an accounting errors made by T4y-p9b Company: Error: T4y-p9b Company recorded the purchase of equipment costing $28,800 on account as a debit to accounts payable and a credit to repair expense. Indicate the immediate effect of the above accounting error on the accounting elements shown below: Revenues, Expenses, Net income, Assets, Liabilities, Equity To answer this question, in the space below indicate if each accounting element listed above is overstated, understated, or not effected by the error AND indicate the amount by which each element is overstated or understated (if the element is not effected by the error you do not need to give an amount). For example, your answer should look something like this: Revenues: Overstated by $3,000 Expenses: Overstated by $2,000 Net Income: Overstated by $1,000 Assets: Overstated by $1,000 Liabilities: No effect Equity: Overstated by $1,000