Adjustments Flood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for June 2017: Required: 1. For each of the following situations, identify and analyze the adjustment necessary on June 30, 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. 2. Assume that Flood Relief reports net income of $35,000 before any of the adjustments. What net income will Flood Relief report for June? $ -15,515 Feedback Adjustments Flood Relief Inc. prepares monthly financial statements and therefore adjusts its accounts at the end of every month. The following information is available for June 2017: Required: 1. For each of the following situations, identify and analyze the adjustment necessary on June 30, 2017. Do not round intermediate calculations. If required, round your final answers to the nearest dollar. 2. Assume that Flood Relief reports net income of $35,000 before any of the adjustments. What net income will Flood Relief report for June? $ -15,515 Feedback