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Masterfalls Corporation purchased a one-year insurance policy in January 2021 for $36,000. The...

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Accounting

Masterfalls Corporation purchased a one-year insurance policy in January 2021 for
$36,000. The insurance policy is in effect from March 2021 through February 2022.
If the company neglects to make the proper year-end adjustment for the expired
insurance
net income and assets will be understated by $30,000.
net income and assets will be understated by $6,000.
net income and assets will be overstated by $30,000.
net income and assets will be overstated by $6,000.
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