Consider the following transactions for Huskies Insurance Company: Income taxes for the year total $60,000 but wont be paid until next April 15. On June 30, the company lent its chief financial officer $68,000; principal and interest at 6% are due in one year. On October 1, the company received $8,800 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.)