Consider the following transactions for Huskies Insurance Company: 1. Equipment costing $33,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $5,500 per year. 2. On June 30, the company lends its chief financial officer $35,000: principal and interest at 6% are due in one year. 3. On October 1, the company receives $10,000 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 Net Income 1. 2 3 Total