Assume you are the accountant for Parkland Industries. James Parkland, the owner of the company, is hurry to receive the financial statements for the year ended December 31, 2016, and asks you how s they will be ready. You tell him you have just completed the trial balance and are getting ready to pre the adjusting entries. Mr. Parkland tells you not to waste time preparing adjusting entries but to comp the worksheet without them and prepare the financial statements based on the data in the trial balan According to him, the adjusting entries will not make that much difference. The trial balance shows following account balances: Prepaid Rent 21,000 Supplies 9,000 Building 210,000 Accumulated Depreciation Building 16,800 the income statement were prepared using trial balance amounts, the net income would be $82,750. A review of the company's records reveals the following information: 1. Rent of $21,000 was paid on July 1, 2016, for 12 months. 2. Purchases of supplies during the year totaled $9,000. An inventory of supplies taken at year-end showed supplies on hand of $1,750. 3. The building was purchased three years ago and has an estimated life of 25 years. 4. No adjustments have been made to any of the accounts during the year. Indicate the change to net income that results from the adjusting entries. Amount Description Total increase in expenses