During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $99,000 a. An insurance policy covering 12 months was purchased on October 1, 2018, for $23,400. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018, b. During 2018, the company received a $3,900 cash advance from a customer for services to be performed in 2019. The $3,900 was Incorrectly credited to Service Revenue. c. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,700 were on hand at December 31, 2018 d. Trojan borrowed $69,000 from a local bank on September 1, 2018. Principal and interest at 12% will be paid on August 31, 2019. No accrual was made for interest in 2018 Required: Using the information in a through d above, determine the proper amount of net income as of December 31, 2018. (Amounts to be deducted should be indicated with a minus sign.) Net Income (unadjusted) a. Adjustment for insurance b. Adjustment for deferred revenue c. Adjustment for supplies d. Adjustment for interest Net Income (adjusted) Consider the following situations for Shocker: a. On November 28, 2018, Shocker receives a $3,150 payment from a customer for services to be rendered evenly over the next three months. Deferred Revenue is credited. b. On December 1, 2018, the company pays a local radio station $2,430 for 30 radio ads that were to be aired, 10 per month throughout December, January, and February. Prepaid Advertising is debited. c. Employee salaries for the month of December totaling $7,100 will be paid on January 7, 2016. d. On August 31, 2018, Shocker borrows $61.000 from a local bank. A note is signed with principal and 9% interest to be paid on August 31, 2019 Required: Indicate by how much the assets, liabilities, and stockholders' equity in the December 31, 2018, balance sheet is higher or lower if the adjustment is not recorded. (If none of the categories apply for a particular item, leave the cell blank.) Assets Llabilities Stockholders' Equity a b. d. Total