Question 18 3 pts If a piece of equipment with a five-year life was purchased but the cost was inadvertently recorded as an expense, what would be the affect on the balance sheet at the end of the second year after the purchase (assuming the error has not been found or corrected)? Assets would be overstated, and stockholders' equity would be understated. Assets would be understated, and stockholders' equity would be understated. Assets would be overstated, and stockholders' equity would be overstated. O Assets would be understated, and stockholders' equity would be overstated