On January 2, Bell Company paid $55,800 to purchase equipment that has a useful life of 9 years. The equipment will be depreciated equally over the 9 -year period as depreciation expense. The cost of $55,800 is divided by the useful life of 9 years to determine the amount of the yearly depreciation expense of $6,200. If the appropriate adjusting_entry is not made at the end of the year, what will be the effect on: (a) Income statement accounts (overstated, understated, or no effect)? (b) Net income (overstated, understated, or no effect)? (c) Balance sheet accounts (overstated, understated, or no effect)
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