On December 31, 2025, Flint Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $186,000, total liabilities $86,800, and stockholders' equity $99,200. The incorrect income statement showed net income of $86,800. The data for the three adjusting entries were: 1. 2. Salaries and wages amounting to $12,400 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. Rent payments of $9,920 was received for two months in advance on December 1. The entire amount was credited to Unearned Rent Revenue when paid. 3. Depreciation expense for 2025 is $11,160. Item Net Income Total Assets Total Liabilities Stockholders' Equity Incorrect balances $86,800 $186,000 $86,800 $99,200 Effects of: Salaries and Wages -$12400 $12400 $12400 $12400 Rent Revenue $9920 $9920 $9920 $9920 Depreciation -$11160 -$11160 $11160 $11160 Correct balances 74400 195920 99200 96720