Question 1: At the end of 2020, Castle Consulting did NOT make the adjusting entries indicated below. Indicate the effect of the error on 2020 Net Income, Assets, Liabilities, and Owner's Equity (on December 31, 2020). Please specify the dollar effect of the error. Use O for overstate, U for understate, and NE for no effect. Assume each error is independent of the others. Error Assets Liabilities Net Income Owner's Equity 1. Entry to record interest expense on a short- term Note Payable. The note has a balance of 60,000. The annual interest rate of 10%, dated May 1. The interest is payable with the principal at maturity. 2. On July 1st, 2019 the company bought a machine for 240,000 and debited the entire amount to expense. The machine has a useful life of 10 years and no salvage value. The company would normally have used the straight line depreciation method. The company did not correct the error in both 2019 and 2020. 3. Entry to record the expired portion of a three-year life insurance policy paid for on August 1, 2020 for 72,000 and charged to a permanent account. 4. Entry to record accrued salaries and wages earned by employees at fiscal year-end in the amount of 7,500