nation about selected Account Names Cash Debit $ 3,700 Supplies 4,200 Prepaid Rent 5,700 Accounts Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $1,250 of supplies still exist. This amount was paid November 1 for rent through the end of January. $ 1,450 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $440 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $100 for their work on December 31. The company has paid last year'a incone taxes but not this year's taxes. 1,900 This amount was contributed for common atock in prior yearn. 700 This is the balance reported at the end of last year. 74,350 Customers pay canh when they receive services. This is the cost of stylist wages through December 30 ThiN is the cost of utilities through December 15 This year's rent was $1,900 per month his the cost of supplies used through November 30. The company has an average tax rate or 251 571,400 Salaries and Wages Payable Income Tax Payable Common Stock Betained Earnings Service Revenue 0 Salaries and Wages Expenne 29.000 Utilities Expense 12,100 Rent Expense Supplies Expense Income Tax Expense 19.000 4,700 0 Total $78,400 Required information Req 4A Req 48 Calculate the adjusted net income that the company should report for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 74,350 74,350 Expenses Salaries and Wages Expense Usities Expense Rent Expense Supplies Expense Advertising Expense 29,100 12.540 22,800 7,650 Net Income 72,090 1.695 $ Reg 4B > MacBook Air 20 000 DOO F4 57 >II FB @ #2 $ % A 2 & ** Book Complete this question by entering your answers in the tabs below. Print Req 4A Reg 48 By what dollar amount did the adjustments in requirement (3) cause net income to Increase or decrease? Net Income by