View Policies Current Attempt in Progress Indicate the effect-Understate, Overstate, No Effect-that each of the following errors has on 2020 net income and 2021 net income. (a) Equipment (with a useful life of 5 years) was purchased and expensed in 2018. (b) Wages payable were not recorded at 12/31/20. (c) Equipment purchased in 2020 was expensed. (d) 2020 ending inventory was overstated. (e) Patent amortization was not recorded in 2021. eTextbook and Media Save for Later 2020 2021 Attempts: 0 of 3 used Submit