I need help with this question, please! Help me of your examination of the foanc

Question

I need help with this question, please! Help me of your examination of the foancial statements of Troan Corporation for the year ended December 31, 2018 you come across several toms needing Aurther comserati 12 months was purchased on October 1, 2018, for $21,000 The enire amount was debed to Prepd Insurae and no adjusting entry w Cumenty, net income n 95 000 credted to Service Revenue that supples eo.$2500 were on hani at est.12% - d Trojan bomowed 565,000 from a local bank on ' be pad on A gd il, 2019 Noacen-waenade-restin 2018 Required Using the arount of net monn as ee December 31. 2018 (Amounts to be deducted should te indieated with "unus sign.) adunted)

Explanation / Answer

Net income Unadjusted 95000 a. Adjustment for insurance (21000*3/12) -5250 b. Adjustment for deferred revenue -3500 c. Adjustment for supplies 2500 d. Adjustment for interest (65000*12%*4/12) -2600 Net income (adjusted) 86150

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