Question Completion Status: Rafa Company prepares quarterly financial statements. Each of the following items may require Rafa to make an adjusting entry. If so, determine the effect the adjustment has on net income for the quarter ended March 31, 2019 (i.e., January 1 through March 31). Note: Enter your answers in digits without $ signs or commas, entering 0 (zero) if no adjustment is necessary. Use a minus sign (-) for negative income effects (i e., all expenses have a negative effect on income, -xxx). 1. Rafa borrowed $30,000 on January 1, 2019. The annual interest rate is 7%, and the loan must be repaid on June 30, 2019 2. Rafa purchased $2,000 of inventory on March 31, 2019, paying cash. 3. Rafa purchased machinery during 2018. The monthly depreciation on the machinery is $600 4 Rafa received $2,400 cash on December 24, 2018. This cash was to provide services for a customer. The services were provided proportionately (i.e., in equal monthly amounts) over the months of January, February, March, and April of 2019. 5. Rafa purchased insurance on December 31, 2018, paying cash of $3,600. The insurance policy covers all of calendar year 2019