Base your answer to question 11 on the following information:

The Skies Company reported net income of $58,200 for the year ended December 31, 20X0. An analysis of the firm's books and related records disclosed that certain adjust- ments were not made at year end; therefore, reported net income was incorrect. The following errors and omissions were made.

1. Accrued interest earned on investments amounted to $205, but the amount wasn't recorded.
2. Depreciation of $370 on machinery wasn't recorded.
3. Rent revenue of $220 was received in advance and credited to the Rent Revenue
4. account.
5. Semiannual bond payable interest of $1,820 was paid, but the amount wasn't
6. recorded.
7. The unexpired insurance premium at year end totaled $440. The total insurance
8. premium was debited to the Insurance Expense account during the year.
9. Office supplies expense for the year amounted to $690. The firm debits an asset
10. account whenever office supplies are purchased. The entry for supplies used must be made at year end.

REQUIRED: to do statement for the year ended December 31, 20X0, to show the corrected net income, taking into account the adjustments listed. Use the form at the back of this unit. Then answer question 11.

11. The corrected net income for the year, after adjustments, would be A. $55,525.

C. $57,140.

B. $55,745.

D. $57,345.