Consider the following transactions for Huskies Insurance Company;

Income taxes for the year total $$53,000$ but won't be paid until next April $15,$

On June $30,$ the company lent its chief financial officer $$61,000$; principal and interest at $5\%$ are due in one year.

On October $1,$ the company recelved $$11,600$ from a customer for a one$-$year property insurance policy, Deferred Revenue was

credited on October $1.$

Required:

Indicate by how much net income in the income statement is higher or lower if the adjusting entry is not recorded. $($Do not round

intermediate calculations.$)$