1. Income taxes for the year total $59,000 but won't be paid until next April 15. 2. On June 30 , the company lent its chief financial officer $67,000; principal and interest at 5% are due in one year. 3. On October 1 , the company received $9,200 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. Required: For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31 . No adjusting entries were made during the year. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" In the first account field. Do not round intermediate calculations.) Journal entry worksheet Income taxes for the year total $59,000 but won't be paid until next April 15 . Record the adjusting entry for income taxes at its year-end of December 31 . Note: Enter debits before credits. Exercise 3-9 (Algo) Calculate the effects on net income of not recording adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company: 1. Income taxes for the year total $57,000 but won't be paid until next April 15. 2. On June 30 , the company lent its chief financial officer $65,000; principal and interest at 6% are due in one year. 3. On October 1 , the company received $10,000 from a customer for a one-year property insurance policy. Deferred Revenue was credited on October 1. Required: Indicate by how much net income in the income statement is higher or lower if the adjusting entry is not recorded. (Do not round intermediate calculations.)