part b

A bank loan had been obtained on. December 1 . Accrued interest on thetoan at December 31 amounts to 51,340. No interest expense has yet been recorded. 2. Depreciation of the firm's office bullding is based on an estimated llfe of 30 years. The building was purchased four yeats ago for $360,000 3. Accrued, but unbilled, revenue during Decemter amounts to $57,000. 4. On March 1, the firm paid $1,600 to renew 912-month insurance policy. The entire amonnt was recorded as Prepald insurance: 5. The fim recelved $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entife amount was initilly recorded as Unearned Revenue. At December 31, $4,300 had actually been earned by the firm. 6. The company's pollcy is to pay its employees every Friday. Since December 31 foll ort a Wednesday, there was an accrued llability for salariss omounting to $2,000. a. Record the necessary adjysting foumal entries on December 31 b. By how much did Sweeney \& Alen's net income increase or decrease as result of the adjusting entries performed in part a? (Ggnore incame trikesi) Compiole this question by entering your antwers in the tabs bolow