Majan Company purchased an insurance policy in May 2011 for $36,000. The insurance policy is in effect from August 2011 through January 2012. If the company neglects to make the proper year-end adjustment for the expired insurance (Fiscal year ends November Select one a. Equity and assets will be understated by $24,000 b. Equity and assets will be understated by $36,000 c. Equity and assets will be overstated by $36,000. d. Equity and assets will be overstated by $24,000