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 $660 were not recorded or paid. \begin{tabular}{|l|r|} \hline Utilities expense & 4,990 \\ \hline Gas and oil expense & 3,500 \\ \hline Miscellaneous expenses & 1,200 \\ \hline Depreciation expense & 22,900 \\ \hline \multicolumn{1}{|c|}{ Total operating expenses } & 80,250 \\ \hline Income from Operations & \\ \hline Other Items: & \\ \hline \multicolumn{1}{|c|}{ Interest expense } & (240) \\ \hline Pretax income & 5,500 \\ \hline Income tax expense & \\ \hline Net income & \\ \hline Earnings per share & \\ \hline \end{tabular} 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 $390 for December, but nothing has been recorded or paid. c. Depreciation on rental autos, amounting to $22,900 for the current year, was not recorded. d. Interest on a $12,000, 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 $5,000 of revenue to be earned in January of next year. g. The income tax expense is $5,500. 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 7,100 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 $59,420 and its ending balance for total assets was $66,580. Complete this question by entering your an Compute the total asset turnover ratio bassed on t Jay's total assets was $59,420 and its ending bala Note: Round your answer to 2 decimal places