My Home Connect - Sign In Careers UBS Global topics avudsmw REQUIRED: Homework Chapter 3 @ Saved Help Save & Exit Submit hard Resume Resume 020 Jetblue po global thics During the course of your examination of the financial statements of Trojan Corporation for the year ended December 31, 2018, you come across several items needing further consideration. Currently, net income is $95,000. Richa 2.xlsx untitled to 2011 rec points a. An insurance policy covering 12 months was purchased on October 1, 2018, for $21,000. The entire amount was debited to Prepaid Insurance and no adjusting entry was made for this item in 2018. b. During 2018, the company received a $3,500 cash advance from a customer for services to be performed in 2019. The $3,500 was incorrectly credited to Service Revenue. c. There were no supplies listed in the balance sheet under assets. However, you discover that supplies costing $2,500 were on hand at December 31, 2018 d. Trojan borrowed $65,000 from a local bank on September 1, 2018. Principal and interest at 12% will be paid on August 31, 2019. No accrual was made for interest in 2018. 229508 eBook References 1011 lec Required: Using the information in a through d. above, determine the proper amount of net income as of December 31, 2018 (Amounts to be deducted should be indicated with a minus sign.) Previes attachme act2101 $ 95,000 (3.500 Net income (unadjusted) a. Adjustment for insurance b. Adjustment for deferred revenue c. Adjustment for supplies d. Adjustment for interest Net income (adjusted) Richard Fine 2500 (7 800) Student Informat...ee assion 1BT