During the course of your examination of the financial statem discover the following ents of the Hales Corporation for the year ended December 31, 2018, you a. An insurance policy covering three years was purchased on January 1, 2018, for $4.500. The entire amount was debited to , insurance expense and no adjusting entry was recorded for this item. 2018, the company received a $700 cash advance from a customer for merchandise to be manufactured and shipped in 2019. The $70 c. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $680 were on hand 0 was credited to sales revenue. No entry was recorded for the cost of merchandise. at December 31 d. Hales borrowed $18,000 from a local bank on October 1, 2018, Principal and interest at 12% will be paid on September 30, 2019, No accrual was recorded for interest. e. Net income reported in the 2018 income statement is $34,000 before reflecting any of the above items Required: Determine the proper amount of net income for 2018. (Amounts to be deducted shbuld be indicated by a minus sign.) Unadjusted net income Adjustments C. Adjusted net income