During the taking of its physical inventory on December 31, Barry's Bike Shop incorrectly counted its inventory as $223,182.00 instead of the correct amount of $171,088.00. The effect on the balance sheet and income statement would be a. assets overstated by $52,094.00; retained earnings understated by $52,094.00; and net income statement understated by $52,094.00 b. assets overstated by $223,182.00; retained earnings understated by $171,088.00; and no effect on the income statement c. assets, retained earnings, and net income all overstated by $52,094.00 d. assets and retained earnings overstated by $171,088.00; and net income understated by $223,182.00