You run an ice cream shop and you estimate that you need to record $5,500 in depreciation for your ice cream equipment in 2020. Your accountant graduated from lowa State and mistakenly recorded the adjusting entry as follows: Accumulated Depreciation 5,500 Depreciation Expense 5,500 Because of this mistake, after all other adjusting and closing entries have been correctly made (except the one above, of course), are the following items understated (U/S), overstated (0/S), or properly stated (N/A) and by how much? Ignore taxes. Use the left box to indicate the amount or N/A. Use the right box to indicate whether the item is U/S, O/S, or N/A. (Example: If the item is understated by $1,234 input "1,234 U/S") N/A U/S 2020 Net Income N/A U/S Total assets as of 12/31/2020 N/A N/A Total liabilities as of 12/31/2020 N/A U/S Total equity as of 12/31/2020