Which of the following statements True or False regarding the effect that each of the following errors has on 2017 and 2018 net income?

2017 ending inventory was overstated. 2017 net income is overstated and 2018 net income is understated.

Wages payable were not recorded at 12/31/17. 2017 net income was understated and 2018 net income was overstated.

Equipment with a useful life of 5 years was purchased and expensed in 2015. 2017 net income was overstated and 2018 net income was overstated.

Patent amortization was not recorded in 2018. No effect on 2017 net income and 2018 net income is overstated.