Jay, Incorporated, a party rental business, completed its third year of operations on December $31.$ Because this is the end of the annual

accounting period, the company bookkeeper prepared the following tentative income statement:

Rent revenue

Income Statement

Expenses:

Salaries and wages expense $25,100$

Maintenance expense $10,300$

Rent expense $7,600$

Utilities expense $3,900$

Gas and oil expense $3,200$

Miscellaneous expenses $($items not listed elsewhere$)$

Total expenses

Income

$[1,600],[51,700],[$$$56,300]$

You are an independent CPA hired by the company to audit the company's accounting systems and review the financial statements. In

$/$our audit, you developed additional data as follows:

a$.$ Salaries and wages for the last three days of December amounting to $$660$ were not recorded or paid.

b$.$ Jay estimated telephone usage at $$370$ for December, but nothing has been recorded or paid.

c$.$ Depreciation on rental autos, amounting to $$22,700$ for the current year, was not recorded.

d$.$ Interest on a $$13,000,$ one$-$year, $8$ percent note payable dated October $1$ of the current year was not recorded. The $8$ percent

interest is payable on the maturity date of the note.

e$.$ Maintenance expense excludes $$2,200,$ representing the cost of maintenance supplies used during the current year.

f$.$ The Unearned Rent Revenue account includes $$4,500$ of revenue to be earned in January of next year.

g$.$ The income tax expense is $$5,000.$ Payment of income tax will be made next year.

Required:

What adjusting entry for each item $($a$)$ through $(g)$ should Jay record at December $31?$

Prepare a corrected income statement for the current year including earnings per share. Assume that $7,000$ shares of stock are

outstanding all year.

Compute the total asset turnover ratio based on the corrected information. Assume the beginning$-$of$-$the$-$year balance for Jay's

total assets was $$59,620$ and its ending balance for total assets was $$66,780.$Prepare a corrected income statement for the current year including earnings per share. Assume that $7,000$ shares of stock

are outstanding all year.

Note: Round "Earnings per share" to $2$ decimal places and other final answers to the nearest whole dollar amount.