When the records of Hilda Corporation were reviewed at the close of 2017, the following errors were discovered.

Instructions
For each item, indicate by a check mark in the appropriate column whether the error resulted in an overstatement or understatement, or had no effect on net income for the years 2016 and 2017.

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2016 2017 Over- statement Over- statement Effect statement statement Effect Under- No Under- No 1. Failure to record amortization of patent in 2017 2. Failure to record the correct amount of ending 2016 inventory (the amount was understated because of a calculation error) 3. Failure to record merchandise purchased in 2016 (it was also omitted from ending inventory in 2016 and remained unsold at the end of 2017) 4. Failure to record accrued interest on notes payable in 2016 (the amount was recorded when paid in 2017) 5. Failure to reflect supplies on statement of financial position at end of 2016