Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $40,200 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,700 per year. 2. On June 30, the company lends its chief financial officer $47,000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $14,800 from a customer for a one-year property insurance policy. Deferred Revenue is credited. Required: Indicate by how much net income in the income statement is higher or lower if the adjustment is not recorded. (Do not round intermediate calculations.) Transaction 1. 2. 3. Total Net Income