Salem Corporation purchased a one-year insurance policy in January 2016 for $51,000. The insurance policy is in effect from April 2016 through March 2017. If the company neglects to make the proper year-end adjustment for the expired insurance Select one: a. net income and assets will be overstated by $8,500. b. net income and assets will be understated by $8,500. c. net income and assets will be understated by $38,250. d. net income and assets will be overstated by $38,250 tion Which of the following would not result in unearned revenue? Select one: a. Sale of two-year magazine subscriptions O b. Sale of season tickets to football games c. Services performed on account O d. Rent collected in advance from tenants