The Dirk Company fails to record these journal entries:

Accrued revenue	$65
Payment of previously declared dividend	$35
Expiration of prepaid rent	$28

Determine the net effect of these errors on the following items. Indicate the dollar amount of the error and the direction of the error. (Example: $17 overstated, or $12 understated, or No Error.)

1. Net Income
2. Total Liabilities
3. Total Assets
4. Retained Earnings

Please show work or any equations used to get the answer.