5 art 4 of 4 Required information PA4-4 (Algo) Identifying and Preparing Adjusting Journal Entries (LO 4-1, LO 4-2, LO 4-3, LO 4-6] (The following information applies to the questions displayed below.) Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with information about selected accounts. 5 Brits Cash Book Print Account Names: Supplies Prepaid Rent Accounts Payable Salaries and Wages Payable: Income Tax Payable Common Stock Debit $3,600 Credit 4,100 5,400 Retained Earnings Service Revenue Salaries and Wages Expense 28,900 Utilities Expense 12,000 Rent Expense, Supplies Expense Income Tax Expense 18,000 4,600 Further Information: As reported on December 31 bank statement. Based on count, only $1,200 of supplies still exist. This amount was paid November 1 for rent through the end of January. $1,400 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $430 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $150 for their work on December 31. The company has paid last year's income taxes but not this year's taxes. 1,800 This amount was contributed for common stock in prior years. 900 This is the balance reported at the end of last year. 72,500 Customers pay cash when they receive services. This is the cost of stylist wages through December 30, This is the cost of utilities through December 15. This year's rent was $1,800 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 25%. Totals $ 76,600 $ 76,600 Check my wor 5 Required information Part 4 of 4 Complete this question by entering your answers in the tabs below. 12.5 points Req 4A Req 48 eBook Calculate the adjusted net income that the company should report for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2021 Revenues Print Service Revenue Total Revenues Expenses Salaries and Wages Expense Utilities Expense Rent Expense Supplies Expense Income Tax Expense Total Expenses Net Income $ 72,500 72,500 $ 0 6,750 5 Part 4 of 4 Utilities Expense 12,000 Rent Expense Supplies Expense Income Tax Expense 18,000) 4,600 December 30. This is the cost of utilities through December 15.1 This year's rent was $1,800 per month. This is the cost of supplies used through i November 30. The company has an average tax rate of 25%. Totals $ 76,600 $ 76,600 12.5 points eBook Print PA4-4 (Algo) Part 4 4-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2021. 4-b. By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Complete this question by entering your answers in the tabs below. Req 4A Req 48 By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Net income decreased by >