Exercise 5.4 (Algo) Correcting net income. LO 5-2 Assume that a firm reports net income of $78,000 prior to making adjusting entries for the following items: expired rent, $5,800 depreciation expense, $7,000, and supplies used, $2.400 Assume that the required adjusting entries have not been made. What effect do these errors have on the reported net income? Net income will be by Check my work