Niagara Corporation purchased a one-year insurance policy in January 2010 for $66,000. The insurance policy is in effect from March 2010 through February 2011. If the company neglects to make the proper year-end adjustment for the expired insurance: Net income and assets will be overstated by $11,000. Net income and assets will be understated by $55,000. Net income and assets will be overstated by $55,000. Net income and assets will be understated by $11,000