over/understated

Hi, I am interested about the following question: Lux Co has discovered that the profit on sale of a non-current asset has not been included in the financial statements correctly. An item of plant with a carrying value of $15,800 was sold for $14,200 during the year. The only accounting entry has been to: $ Dr Cash 14,200 Cr Profit on disposal 14,200 What will the effect on non-current assets and profit be if this error is not corrected? Non-current assets overstated Profit overstated Is it because of the carrying value is 15800 was sold for 14200 so there is a loss on the value 1600. Sot it means this should happen: Dr cash 1600 Cr Loss on disposal 1600 So both non current assets and profit will be overstated with 12600, am I right? I am quite confused with the over/understated if it is not correct, Thank you in advancve!