On January 2, Caterpillar Co, prepaid insurance for a one year policy. While preparing the financial statements for the year ended December 31, the company's accountant forgot to journalize the adjusting journal entry to record the insurance that expired (i.e., insurance expense) during the year. Which statement is true? Insurance expense will be overstated, Total assets is understated. Net income for the year will be overstated. Owner's equity at the end of the year will be understated