Brokeback Towing Company is at the end of its accounting year, December 31,2021 . The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2021, a two-year insurance premium on equipment in the amount of $720 was paid and debited in ful to Prepaid insurance on that date Coverage began on July 1 b. At the end of 2021 , the unadjusted balance in the Supplies account was $1,000. A physical count of supplies on December 31,2021 indicated supplies costing $350 were stil on hand c. On December 31, 2021. YY's Garage compieted repairs on one of Brokebacks trucks at a cost of \$850. The amount is not yet recorded it will be paid during January 2022 d On December 312021 , the company completed a contract for an out-of-state company for $8,200 payable by the customer within 30 days. No cash has been collected and no journal entry has been made for this transaction e On July 1,2021, the compony purchased a new hauling van. Depreciation for July-December 2021, estimeted to total $3,000, has not been recorded t As of December 31, the company owes interest of $550 on a bank loan taken out on October 1, 2021. The imterest wal be paid when the loan is repaid on September 30,2022. No interest has been recorded yet. p. Assume the income ster the pieceding odjustments but before income taxes was $35,000. The company/s federal income tax rate is 30% Compute and record income tax expense Required: 1. Give the adjusting journal entry required for each item at December 31, 2021 2 If acjustments were not made each period, the financial results could be materially misstoted. Determine the amount by which Brokebacks net income woald have been undersated, or overstated, had the acjustments in fequirement 1 not been made. Complete this question by entering your answers in the tabs bolow. Jourtal Enery fikquired" in the first account field. Journal entry worksheet 234567 Resard the ontry for interance expense E E on July 1, 2021, a bio vear ireurance premium on egupment in the smount of 5728 was paid and debitad in full to Preged insurance on that date. Coverage began on July 1