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During the course of your examination of the financial statements of Trojan Corporation for the year ended December 3 1 , 2 0 2 6
During the course of your examination of the financial statements of Trojan Corporation for the year ended December you come across several items needing further consideration. Currently, net income is $
An insurance policy covering months was purchased on October for $ The entire amount was recorded in Prepaid Insurance, and no adjustment was made for this item during
During the company received a $ cash advance from a customer for services to be performed in The $ was incorrectly recorded in Service Revenue.
Purchases of supplies during the year were incorrectly recorded to Supplies Expense. You discover that supplies costing $ were on hand on December
Trojan borrowed $ from a local bank on September Principal and interest at will be paid on August No accrual was made for interest in
Required:
Using the information in through above, determine the proper amount of net income as of December
Note: Do not round intermediate calculations. Amounts to be deducted should be indicated with a minus sign.
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