Adjustments and Errors At the end of May, the first month of operations, the following selected data were taken from the financial statements of Julie Mortenson, Attorney at Law, P.C.: Net income for May Total assets at May 31 Total liabilities at May 31 Total stockholders' equity at May 31 $127,500 480,000 150,000 330,000 In preparing the financial statements, adjustments for the following data were overlooked: a1. Unbilled fees earned at May 31, $9,700 a2. Depreciation of equipment for May, $8,000 a3. Accrued wages at May 31, $1,150 a4. Supplies used during May, $975 Instructions: Determine the correct amount of net income for May and the total assets, liabilities, and stockholders' equity at May 31. In addition to indicating the corrected amounts, indicate the effect of each omitted adjustment by completing the columnar table below. Adjustment a1 is presented as an example. Enter account decreases as negative amounts. If your answer is zero, enter "0". Reported amounts Net Income Total Assets $127,500 $480,000 Corrections: Adjustment a1 9,700 9,700 Adjustment a2 Adjustment a3 Adjustment a4 Corrected amounts Total Liabilities + Total Stockholders' Equity $150,000 $330,000 9,700