14) (20 marks) Your neighbour (who is a good friend), owns a business and has approached you requesting your help with recording year-end adjusting entries for his company, J Co.. You soon learn that your neighbour calculated a reported income of $260,000 for 2020, but in doing so neglected to consider the five items stated below. Required: For any calculations below (where applicable) use a 12-month year instead of a 365 day year. Round all currency to whole dollars. You realize that you must prepare adjusting entries (based on the items listed below) at December 31, 2020, in order to state the correct 2020 net income. If no entry is needed write NO ENTRY NEEDED Items: 1) On June 1, 2020, J Co. entered into a contract to provide services to a customer for thirty-five months beginning June 1. The customer paid the $24,640 fee in full on June 1 and J Co. credited it to Service Revenue. 2) Interest on a $63,000, 8%, five-year note payable, was last paid on April 1, 2020. 3) On December 1, 2020, J Co. paid the local newspaper $800 for an advertisement to be run in December of 2021, charging it to Prepaid Advertising. 4) On March 1, 2020, J Co. paid a year's rent in advance on a storage facility, and debited the $25,200 payment to Rent Expense. 5) Depeciation on office furniture for 2020 is $15,000. b) Based on the 5 items above, and your adjustments, what is the correct net income that should be reported for 2020? midiate Accoun