Additional Exercise 220 On December 31, 2015, Fashion Nugget Company prepared an income statement and balance sheet and failed to take into account three adjusting entries. The incorrect income statement showed net income of $35,000. The balance sheet showed total assets, $115,000; total liabilities, $45,000; and stockholders' equity, $70,000 The data for the three adjusting entries were (1) (2) (3) Depreciation of 10,000 was not recorded on equipment. Wages amounting to $7,000 for the last two days in December were not paid and not recorded. The next payroll will be in January Rent of $12,000 was paid for two months in advance on December 1, The entire amount was debited to Rent Expense when paid. Complete the following tabulation to correct the financial statement amounts shown: (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45). Do not leave any answer field blank. Enter 0 for amounts.) Total Assets Item Incorrect balances Effects of: Net Income Total Liabilities Stockholders' Equity $35,000 $115,000 45,000 $70,000 Depreciation Wages Rent Correct Balances e