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World Wide is a major telecommunication conglomerate. Assume that early in 2021. World Wide purchased equipment at a cost of 7 million euros ( 7 million). Management expects the equipment to remain in service for four years and the estimated residual value to be negligible. World Wide uses the straight-line depreciation method. Because of an accounting error, World Wide expensed the entire cost of the equipment at the time of purchase. Because World Wide operates as a partnership, it pays no income taxes Read the requirements. Requirement 1. Prepare a schedule to show the overstatement or understatement in the following items at the end of each year over the four-year life of the equipment. 1. Total current assets; 2. Equipment, net; 3 Net income. Selec the appropriate effect gn each item for each year Let "O" represent overstated and "U" represent understated. (Amounts in millisis. If there is no effect, select "no effect") Requirements 1. Prepare a schedule to show the overstatement or understatement in the following items at the end of each year over the four-year life of the equipment: 1. Total current assets 2. Equipment, net 3. Net income