Smokey's Sandwich Shoppe paid $3,000 for a 2-year insurance policy on March 1, 2018. The accountant forgot to make any adjustments during the year. What effect would this have on the financial statements for 2018? Assets would be overstated by $3,000. Net income would be understated by $1,250. O Net income would be averstated by $1,250. Assets would be understated by $3,000