Gilbert Company made an ordinary repair to a delivery truck during 2020 at a cost of $500 and capitalized the repair cost. What will be the effect on the 2020 financial statements as a result of the capitalization? Group of answer choices A)The financial statements aren't affected. b)Assets and net income are both overstated. C)Assets are overstated and net income was understated. D)Assets and stockholders' equity are both understated. E)None of the above

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