Exercise 3-9 (Algo) Calculate the effects on net income of not recording adjusting entries (LO3-3) Consider the following transactions for Huskies Insurance Company 1. Income taxes for the year total $60,000 but won't be paid until next April 15. 2. On June 30, the company lent its chief financial officer $68,000; principal and interest at 6% are due in one year. 3. 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.) Transaction 1 2 3 Total Net Income