Question 13 1 pts Elephant Company's bookkeeper made a mistake and forgot to record the entry for depreciation expense on equipment that Elephant had recently purchased. What is the result of this error on the company's financial statements? Assets are overstated and net income is understated. Both assets and net income are overstated. O Both assets and expenses are overstated. Liabilities are understated and expenses are overstated. Both liabilities and expenses are understated