On December 31, 2017, Crane Company prepared an income statement and balance sheet, but failed to take into account three adjustments. The balance sheet showed total assets $111,000, total liabilities $51,800, and stockholders' equity $59,200. The incorrect income statement showed net income of $51,800. The data for the three adjustments were: 1. 2. Salaries and wages amounting to $7,400 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. Rent payments of $5,920 was received for two months in advance on December 1. The entire amount was recorded as Unearned Rent Revenue when received. Depreciation expense for 2017 is $6,660. 3. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). Item Net Income $51,800 Total Assets $111,000 Total Liabilities $51,800 Stockholders' Equity $59,200 Incorrect balances Effects of: Salaries and Wages HA Rent Revenue Depreciation Correct balances LINK TO TEXT LINK TO TEXT VIDEO: SIMILAR EXERCISE