On January 1 of year 1, Middleton, Inc., purchased equipment at a cost of $520,000. Management expects the equipment to remain in service for five years, with zero residual value. Middleton, Inc., uses the straight-line depreciation method. Through an accounting error, Middleton, Inc., accidentally expensed the entire cost of the equipment at the time of purchase. Read the requirement C Complete the following table to show the overstatement (0) or understatement (U) in Equipment, net and Net income for each of the five years. (Enter a "" for any zero balances, and select a "C" in the O/U column is the value if comect.) b. Year Cost 1 Accumulated depreciation Equipment, net 0/0 Net income O/U