On April 1, 2015, ABC Inc. received an advance payment from a tenant in the amount of $408,000 that represented five years of rent When ABC received the cash payment, the entry was recorded with a creat a nominal account. ABC's year end is December 31 Sadly, ABC was understaffed at the time and no adjusting entries were made in 2015, 2016, of 2017. How did tus anior aflect 2016 and 2017 tinancial statements? Answer Format: Use O for overstated, U for Understated, and NE for no effect. Do not space between the OLINE and the dollar amount of the error sample If Assets are Over by $2,000, record your a 02000) Assets 12/31/16 U142800 Liabilities 12/31/16 $ U Equity 12/31/16 Net Income 12/31/16 Assets 12/31/17 Liabilities 12/31/17 15 Equity 12/31/17 Net income 12/31/17 On April 1, 2015, ABC Inc. received an advance payment from a tenant in the amount of $400,000 that represented five years of rent. When ABC received the cash payment, the entry was recorded with a credit foa nominal account ABC's year end is December 31 Sadly ABC was understaffed at the time and no adusting entries were made in 2015, 2016, or 2017 How did this error affect 2016 and 2017 financial statements? Answer Format: Use O for overstated, U for Understated, and NE for no effect Do not space between the OUINE and the dollar amount of the error (Example: If Assets are Over by $2,000, record your ar 02000) Assets 12/31/16 Liabilities 12/31/16 13 0142000 U Equity 12/01/16 Net Income 12/31/16 Assets 12/01/17 15 15 Liabilities 12/31/17 Equity 12/31/17 Net income 12/31/17