Consider the following transactions for Huskies Insurance Company 1. Equipment costing $34,200 is purchased at the beginning of the year for cash, Depreciation on the equipment is $5,700 per year. 2. On June 30, the company lends its chief financial officer $37.000; principal and interest at 7% are due in one year. 3. On October 1, the company receives $10,800 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