On May 31, 2016, Columbanus Company paid $2,000,000 to acquire all of the common stock of Mistor Corporation, which became a division of Columbanus. Mistor reported the following balance sheet at the time of the acquisition: Current assets Noncurrent assets Total assets $400,000 1.800.000 $2,200.000 Current liabilities $400,000 Long-term liabilities Stockholders' equity 200,000 1.600.000 Total liabilities and stockholders' equity $2.200.000 It was determined at the date of the purchase that the fair value of the identifiable net assets of Mistor was $1,875,000. At December 31, 2016, Mistor repo the following balance sheet information: DR (CR) Current assets $600,000 Noncurrent assets (including goodwill recognized in purchase) 1,600,000 Current liabilities (500,000) Long-term liabilities (300,000) Stockholders' Equity (1,400,000) The recorded amount for Mistor's net assets (excluding goodwill) is the same as fair value, except for property, plant, and equipment, which has a fair value of $75,000 above the carrying value. Assume the 12/31/16 fair value of the Mistor division is $1,375,000. On 12/31/16, no impairment was recorded. Indicate the error in Current Assets and Retained Earnings, respectively. Select one: O a. Overstated, Overstated Ob. No Error, Overstated No Error, No Error Od. Overstated, Understated O e Overstated, No Error