Tony Stark Enterprises made an ordinary repair to its lab equipment at a cost of $500 and purchased a motor for $3,000. Tony Stark Enterprises' accountant debited the asset account for $3,500. Is the accounting treatment an error? If it is an error what is the effect on assets and net income for the year the expenditures were made? O The error understated assets and net income. O The error overstated assets and understated net income/ O The repair and asset acquisition were accounted for correctly O The error overstated assets and net income. O None of the above.