"You are reviewing O'Brian Co.'s adjusted trial balance for the year ended 12/31/16. You notice several omissions and incorrect items during your review, One of which is noted below. You are required to determine what effect, if any, the below items would have on the stated components of O'Brian Co.'s 2016 Income Statement and 12/31/16 Balance Sheet if it is not corrected or updated. Assume no income taxes.

N

=

No Effect

O

=

Overstated

U

=

Understated

Additional Information	12/31/16 Assets	12/31/16 Liabilities	12/31/16 Owners Equity	2016 Net Income
Interest earned during the year on a note receivable was not yet collected or recorded