Megan Company, a private corporation, was careless about its financial records during its first year of operation, 2815. It is December 31, 2015, the end of Megan's annual accounting period. An outside CPA examined the records and discovered numerous errors. All ofthose errors are described below. Assume cach error is independent of the others. Required: Analyze eych error and indicate its effect on the 2015 and 2016 net income, assets, and liabilities IF NOf corrected. Do not assume any other errors. Use the following codes to indicate the efect of each dollar amount: O= Overstated, U = Understated, NE = No Effect. No explanations or amounts are necessary Independent Errors Effect on Net Effect on Assets Effect on Liabilities Income 2015 2016 2015 2016 2015 2016 a. Depreciation expense for 2015, not recorded in 2015, S950 O. NE NE b. Wages camed by employees during 2015, not recorded or paid in 2015, but will be paid in 2016 $500 NE U NE U NE c. Revenue earned during 2015 but not collected or recorded until 2016, s600. Uo U NE d. Amount paid in 2015 and recorded as expense in |2015, but not an expense until 2016, $200. e. Revenue collected in 2015 and recorded as revenue in 2015, but not | earned until 2016, $900. f. On December 31, 2015, bought land on credit for O. NE NE NE U. U NE $8,000, not recorded until payment was made in February 2016 NE NE NE NE O