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Current Attempt in Progress Vaughn Corporation purchased a one-year insurance policy in January 2020...

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Accounting

Current Attempt in Progress
Vaughn Corporation purchased a one-year insurance policy in January 2020 for $49200. The insurance policy is in effect from April 2020 through March 2021. If the company neglects to make the proper year-end adjustment for the expired insurance
net income and assets will be understated by $36900.
net income and assets will be overstated by $36900.
net income and assets will be overstated by $8200.
net income and assets will be understated by $8200.
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