Tamarisk, Inc. purchased a one-year insurance policy in January 2021 for $37440. 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 net Income and assets will be overstated by $6240. net income and assets will be understated by $31200 net income and assets will be overstated by $31200 net income and assets will be understated by $6240