(Answered) Question - on january 2 rodriguez company paid 56100 to

Accounting

Question - On January 2, Rodriguez Company paid $56,100 to purchase equipment that has a useful life of 11 years. The equipment will be depreciated equally over the 11-year period as depreciation expense. The cost of $56,100 is divided by the useful life of 11 years to determine the amount of the yearly depreciation expense of $5,100. 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)?

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