Check my work Required information The following information applies to the questions displayed below) A company incurred the following transactions: a. Income tax expense of $651 for the current period is accrued. Of the accrual $105 represents deferred tax liabilities b. Bonds payable with a face amount of $4,900 are issued at a price of 98 c. Of the proceeds from the bonds in part b. $3,850 is used to purchase and for future expansion d. Because of warranty claims, finished goods Inventory costing S144 is sent to customers to replace defective products . A three-month, 10% note payable with a face amount of $15,000 was signed. The bank made the loan on a discount basis The next installment of a long-term serial bond requiring an annual principal repayment of $48,000 will become due within the current year Required: 8-1. Show the effect, if any, of each transaction/adjustment on the appropriate balance sheet category or on net income by selecting for each category affected the account name and amount and indicating whether it is an addition (+) or a subtraction (-). Items that affect net income should not also be shown as affecting shareholders' equity Transaction Adjustment Current Assets Noncurrunt Assets Current Liabilities Noncurrant Liabilities e d rred tax liabilities defective products. an on a discount will become due net income by selecting btraction (-). Items that nt Liabilities Noncurrent Liabilities Stockholders' Equity Not Income