XYZ Corporation failed to accrue interest expense at the end of the current accounting period. What effect will this failure have on their current period financial statements? Net Income is overstated and total liabilities are understated. This particular omission will not affect the financial statements for the period. Net Income is overstated and total assets are overstated, Net Income is understated and total assets are overstated. Net Income is understated and total liabilities are understated