Below are the restated amounts of net income and retained earnings for Volunteers Inc and Raiders Inc. for the period 2009-2018 Volunteers began operations in 2010, while Raiders began several years earlier Required: Calculate the balance of retained earnings each year for each company. Neither company paid dividends during this time (Enter your answers in millons (.e. 10,000,000 should be entered as 10).) nes Your 2000 2010 2011 2012 2013 2014 2015 2016 2017 2018 VOLUNTEERS INC RAIDERS INC (5 in millions) is in millions NA Retained Net Retained Income L.033 Earnings Income Loss) Earnings 5 03 26 $ 12 19 (54) (5) 65 30 52 124 91 19 (142) 53) 566 63 348 99 349 151 During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration Currently, net income is $80,000. a. An insurance policy covering 12 months was purchased on October 1, 2018, for 512,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018 b. During 2018, the company received a $2,000 cash advance from a customer for services to be performed in 2019. The $2,000 was incorrectly credited to Service Revenue c There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $1750 were on hand at December 31, 2018 d Trojan borrowed $50,000 from a local bank on September 1, 2018. Principal and interest at 12% will be paid on August 31 , 2019. No accrual was made for interest in 2018 Required: Using the information in a through d above, determine the proper amount of net income as of December 31, 2018. (Amounts to be deducted should be indicated with a minus sign.) SK Net Income (unadjusted) Adjustment for insurance 6. Adjustment for defected revenue c Adjustment for supplies d. Adjustment for interest Net Income (adjusted