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: You are an independent CPA hired by the company to audit the company's accounting systems and review the financial statements. In your audit, you developed additional data as follows: a. Salaries and wages for the last three days of December amounting to $730 were not recorded or paid. b. Jay estimated telephone usage at $440 for December, but nothing has been recorded or paid. c. Depreciation on rental autos, amounting to $24,000 for the current year, was not recorded. d. Interest on a $15,000, 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 $1,100, representing the cost of maintenance supplies used during the current year. f. The Unearned Rent Revenue account includes $4,100 of revenue to be earned in January of next year. g. The income tax expense is $5,800. Payment of income tax will be made next year. Required: 1. What adjusting entry for each item (a) through ( g ) should Jay record at December 31 ? 2. Prepare a corrected income statement for the current year including earnings per share. Assume that 7,000 shares of stock are outstanding all year. 3. Compute the total asset turnover ratio based on the corrected information. Assume the beginning-of-the-year balance for Jay's total assets was $58,020 and its ending balance for total assets was $65,180. Complete this question by entering your answers in the tabs below. What adjusting entry for each item (a) through ( g ) should Jay record at December 31 ? Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Journal entry worksheet 567> Salaries and wages for the last three days of December amounting to $730 were not recorded or paid. Note: Enter debits before credits. Prepare a corrected income statement for the current year including earnings per share. Assume that 7,000 shares of stock are outstanding all year. Complete this question by entering your answers in the tabs below. Compute the total asset turnover ratio based on the corrected information. Assume the beginning-of-the-year balance for Jay's total assets was $58,020 and its ending balance for total assets was $65,180. Note: Round your answer to 2 decimal places