Exercise 5.4 (Algo) Correcting net income. LO 5-2 Assume that a firm reports net Income of $86,000 prior to making adjusting entries for the following Items: expired rent, $6,600; depreciation expense, $7,800; and supplies used, $3,200. 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