Question 18 of 34 -/3 III View Policies Current Attempt in Progress Sheridan Company purchased a one-year insurance policy in January 2021 for $30240. The insurance policy is in effect from March 2021 through February 2022. If the company neglects to make the proper year-end adjustment for the expired insurance: O net income and assets will be overstated by $25200. O net income and assets will be overstated by $5040. O net income and assets will be understated by $5040. O net income and assets will be understated by $25200. Save for Later Attempts: 0 of 1 used Submit