2 Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31. 5 ints Book 1. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1120. No interest expense has yet been recorded. 2. Depreciation of the firm's office building is based on an estimated life of 30 years. The building was purchased four years ago for $360,000. 3. Accrued, but unbilled, revenue during December amounts to $68,000 4. On March 1, the firm paid $1,300 to renew a 12month insurance policy. The entire amount was recorded as Prepaid Insurance. 5. The firm received $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue At December 31, $3,000 had actually been oamed by the firm. 6. The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $2,100. Print References a. Record the necessary adjusting journal entries on December 31 b. By how much did Sweeney & Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (Ignore income taxes.) Complete this question by entering your answers in the tabs below. Required A Required B Record the necessary adjusting journal entries on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations, Round your answers to the nearest whole dollar.) View transaction fist Journal entry worksheet