! Required information [The following information applies to the questions displayed below.] Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with information about selected accounts. Account Names Cash Supplies Debit $ 3,800 4,300 Prepaid Rent 6,000 Accounts Payable Salaries and Wages Payable Income Tax Payable Credit Further Information As reported on December 31 bank statement. Based on count, only $1,300 of supplies still exist. This amount was paid November 1 for rent through the end of January. $ 1,500 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $450 of utility services through December 31 for which it has not yet been billed. Stylists have not yet been paid $150 for their work on December 31. The company has paid last year's income taxes but not this year's taxes. 2,000 This amount was contributed for common stock in prior years. 900 This is the balance reported at the end of last year. 75,800 Customers pay cash when they receive services. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $2,000 per month. This is the cost of supplies used through November 30. _The company has an average tax rate of 30%. $ 80,200 Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 29, 100 Utilities Expense 12,200 Rent Expense Supplies Expense 20,000 4,800 Income Tax Expense Totals $ 80,200 Required information Req 4A Req 4B Calculate the adjusted net income that the company should report for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Income Statement For the Year Ended December 31, 2021 Revenues Service Revenue $ 75,800 Total Revenues 75,800 150 Expenses Salaries and Wages Expense Utilities Expense Supplies Expense Rent Expense Income Tax Expense 450 3,000 4,000 Total Expenses 7,600 Net Income Reg 4A Req 4B >