1 points SA Masterfalls Corporation purchased a one-year insurance policy in January 2016 for $36,000. The insurance policy is in effect from March 2016 through February 2017. if the company does not make any adjusting journal entries through December 2016 for the expired insurance net income and assets will be overstated by 16,000, net income and arts will be overstated by $30,000 net income and awes will be understated by $30,000 netic and assets will be understated by 16,000