Question 24 Not yet answered The Piepon Corp. recorded the accrual of an expense by debiting Prepaid Expense and crediting Accounts Payable. What is the effect of the error on Liabilities and Net Income, respectively? Points out of 3.00 Select one: a. a. Understated, No error P Flag question b. Overstated, Overstated c. No Error, Overstated d. Overstated, No error e. No Error, Understated Which of the following are NOT amortized over their useful lives? Question 25 Not yet answered Points out of 3.00 Select one: a. Copyrights b. Trademarks Flag question c. Patents d. Broadcast Licenses e. Customer lists Question 26 The Packard Company erroneously records depreciation twice at year-end. Indicate the error on the Current Ratio and Retained Earnings, respectively. Not yet answered Select one: Points out of 3.00 a. No error, Overstated b. No error, Understated Flag question c. Understated, Overstated d. Understated, No error O e. Understated, Understated