Brief Exercise 2-8 (Static) Income determination [LO2-5] The Jamesway Corporation had the following situations on December 2021. 1. On December 10, 2021, Jamesway received a $4,000 payment from a customer for services begun on that date and which were completed by December 31, 2021. Deferred service revenue was credited. 2. On December 1, 2021, the company paid a local radio station $2,000 for 40 radio ads that were to be aired, 20 per month, throughout December and January. Prepaid advertising was debited. 3. Employee salaries for the month of December totaling $16,000 will be paid on January 7, 2022. 4. On August 31, 2021, Jamesway borrowed $60,000 from a local bank. A note was signed with principal and 8% interest to be paid on August 31, 2022 If none of the adjusting journal entries were recorded, would assets, liabilities, and shareholders' equity on the 12/31/2021 balance sheet be higher or lower and by how much? Answer is complete but not entirely correct. higher lower higher by $ 1,000 $ 22,600 S 21,600 Assets Liabilities Shareholders' equity by by