Problem 2(10 marks - 20 minutes) Hagrids Consulting Inc. just finishing up another year of operations. The company's unadjusted trial balance is shown below. Hagrid's Consulting Inc. Unadjusted Trial Balance as at October 31, 2021 Debit Credit Accounts payable $ 1.200 Accumulated depreciation 9,800 Advertising expense $ 26,400 Cash 137,415 Consulting revenues earned 234,415 Depreciation expense Furniture and fixtures 28.000 Income tax expense 6,000 Insurance expense 30,000 Interest expense Prepaid insurance Prepaid rent 48,000 Rent Expense 44.000 Retained earnings 103,400 Salaries expense 31,600 Share capital 45,000 Short-term note payable 50,000 Supplies inventory 48,800 Supplies expense 42.400 Utilities expense 1,200 $ 443,815 $ 443,815 No adjusting entries have been made for the year ending October 31, 2021. The following information realtes to Hagrid's accounts. a) Hagrid's uses the straight line method of depreciation for all assets. For the furniture and fixture account, at purchase the useful life of the assets was 10 years with no residual value. b) The Insurance expense account indudes a two-year policy taken out March 1, 2021 for $30,000. C) The Prepaid Rent account balance of $48,000 represents the amount paid by Hagrid's on December 31, 2020 and covers rent for the period of December 31, 2020 through December 31, 2021. d) The short-term note payable was taken out on August 1, 2021 and bears an interest rate of 5% per annum. The note is due to be repaid, principle and all interest, on July 31, 2022 e) The year-end inventory count showed supplies totalling $12,000 on hand at Odober 31, 2021. Required: a) Prepare the adjusting entries for each of the above (round to the nearest whole dollar) (9 marks) b) What is Hagrids net income for the year ended January 31, 2021? (1 mark)