Wakowski Company's ending inventory was actually $86,000 but was adjusted and recorded at year end to a balance of $68,000 in error. What would be the impact, if any, on the presentation of the balance sheet and income statement for the year in which that error occurred? Balance Sheet / Income Statement Item Understated / Overstated / No Effect Cash       ["", "", ""]  Merchandise Inventory       ["", "", ""]  Purchases       ["", "", ""]  Current Assets       ["", "", ""]  Total Assets       ["", "", ""]  Retained Earnings       ["", "", ""]  Sales       ["", "", ""]  Cost of Goods Sold       ["", "", ""]  Gross Profit/Gross Margin       ["", "", ""]  Net Income       ["", "", ""]

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