Purple Company made an inventory count on December 31, 2020. During the count, one of the clerks made the error of not counting an inventory item (not including it in inventory). For the balance sheet at December 31, 2020, the effects of this error are Stockholder's Equity Assets a. overstated b. understated C. overstated d. overstated Liabilities understated overstated no effect understated no effect overstated overstated understated