Question #5 (of 5) PA4-2 Analyzing and Recording Adusting Journal Entries LO 4-1, LO 4-2U Brokeback Towing Company is at the end of its accounting year, December 31, 2013. The following data that must be considered were developed from the company's records and related documents: a. On July 1, 2013, a two-year insurance premium on equipment in the amount of $408 was paid and debited in full to Prepaid Insurance on that date. Coverage began on July 1 b. At the end of 2013, the unadjusted balance in the Office Supplies account was S1,000. A physical count of supplies on December 31, 2013, indicated supplies costing S220 were still on hand. c. On December 31, 2013, YY's Garage completed repairs on one of Brokeback's trucks at a cost of $720. The amount is not yet recorded. It will be paid during January 2014 d. In December the 2013 property tax bill for $1.520 was received from the city. The taxes, which have not ded. 2014. e. On December 31, 2013, the company completed a contract for an out-of-state company for $7,550 payable by the customer within 30 days. No cash has been collected and no joumal entry has been for th f. On July 1, 2013, the company purchased a new hauling van. Depreciation for July-December 2013 $2,350, g. As of December 31, the company owes interest of S420 on a bank loan taken out on October 1, 2013 The interest will be paid when the loan is repaid on September 30, 2014. No interest has been recorded h. The income before any of the adjustments or income taxes was $22,142. The conmpany's federal income tax rate is 25%. Compute adjusted income based on all of the preceding information, and then detemine and record income tax expense Req 1. Give the adjusting journal entry required for each item at December 31, 2013. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) view transaction list view general Journal Journal Entry Worksheet 1 2 3 4 5 6 7 8 Record the entry for insurance expense if, on July 1, 2013, a two-year insurance premium on equipment in the amount of $408 was paid and debited in full to Prepaid Insurance on that date. Coverage began on General Journal Debit credit Transaction debi record entry 2. Without the adjustments made in requirement 1, by what amount would Brokeback s net income have submit assignment