Omega Compeny adjusts its accounts at the end of each month. The following information has been assembled in order to prepare the required adjusting entries at December 31, Year : : (1) A one-year bank loan of $720,000 ot an annual interest rate of 12% had been obtained on December 1, Year 1 . (2) The company pays all employees up-to-date each Friday, Since December 31, Year 1 , fell on Tuesday, there was a liab ity to employees at that date for two doy's poy amounting to $5,800. (3) On December 1, Year 1, rent on the office bultding had been baid for four months. The monthly rent is $6,000. (4) Depreciation of office equipment is based on an estimated useful tife of sigyears. The balance in the Office Equipment account is $9,360, no change has occurred in the account during the year. (5) Fees of $9.800 were earned during the month for clients who had pald in advance. Fallure to make the appropriate adjustment to the Salary Expense occount wit: overstate the balance in Cas/ at December 31. understate net income for December by $6,800. understate net income for January by $6,800. overstate total liabilities at December 31