On December 31, 2020, Douglass Manufacturing agreed to ship inventory with a historical cost of $52,000 to a customer for $78,000 on account. Douglass did not actually ship the inventory until January 1, 2021. Douglass recorded the following journal entries: 12/31/20: Accounts Receivable $78,000 Revenue $78,000 1/1/21: Cost of Goods Sold $52,000 Inventory $52,000 With respect to these two entries and assuming any errors made are NOT corrected... O a. Douglass's 2020 Net Income is overstated by $78,000 O b. Douglass's 2021 Shareholders' Equity is correct O c. Douglass's 2021 Shareholders' Equity is understated by $78,000 O d. Both "a" and "b" are correct O e. Both "a" and "C" are correct Of. None of the above