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North Star prepared the following unadjusted trial balance at the end of its second year of operations ending December 31, Account Titles Debit Credit Cash Accounts Receivable Prepaid Rent Equipment Accumulated Depreciation Accounts Payable Income Tax Payable Common Stock Retained Earnings Sales Revenue Salaries and Wages Expense Utilities Expense Rent Expense Depreciation Expense Income Tax Expense $11,700 5,700 2,340 28,700 $ 1,130 1,130 24,500 1,800 48,780 24,700 12,200 Totals $77,340 $77,340 Other data not yet recorded at December 31: a. Rent expired during the year, $1,170 b. Depreciation expense for the year, $1,130 c Utilities used and unpaid, $8,700. d. Income tax expense, $360. Compute the amount of net income using (a) the preliminary (unadjusted) numbers and (b) the final (adjusted) numbers. Had the adjusting entries not been recorded, would net income have been overstated or understated, and by what amount