On September 1, 2018, Select Company borrowed $600,000 from a bank and signed a 12%, six-month note payable, with interest on the note due at maturity. Assume Select made no adjusting entry with respect to this note before preparing the financial statements at December 31, 2018. What is the effect of this error on the financial statements for 2018? Select one: a.Owners' equity is understated. b. Total liabilities are overstated. c.interest Payable is overstated. d.Net income is overstated. D