On December 31, 2022, Wildhorse Co. prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $165,000, total liabilities $77,000, and stockholders' equity $88,000. The incorrect income statement showed net income of $77,000. The data for the three adjusting entries were: 1. 2. 3. Salaries and wages amounting to $11,000 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. Rent payments of $8,800 were received for 2 months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when received. Depreciation expense for 2022 is $9,900. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses). Item Incorrect balances Effects of: Net Income $77,000 Total Assets $165,000 Total Liabilities $77,000 Stock

On December 31, 2022, Wildhorse Co, prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed totat assets $165,000, total liabilities $77,000, and stockholders' equity $88,000, The incorrect income statement showed net income of $77,000. The data for the three adjusting entries were: 1. Salaries and wages amounting to $11,000 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. 2. Rent payments of $8,800 were received for 2 months in advance on December 1 . The entire amount was credited to Unearned Rent Revenue when received, 3. Depreciation expense for 2022 is $9,900. Complete the following table to correct the financial statement amounts shown (indicate deductions with parentheses)