Required information [The following information applies to the questions displayed below.] On December 31, the bookkeeper for Grillo Company prepared the following income statement and balance sheet summarized here but neglected to consider three adjusting entries. Data on the three adjusting entries follow: a. Rent revenue of $3,400 earned in December of the current year was neither collected nor recorded. b. Depreciation of $3,400 on the equipment for the current year was not recorded. c. Income tax expense of $5,800 for the current year was neither paid nor recorded. 2. Complete the two columns to the right in the following tabulation to show the effects of the adjusting entries and the corrected amounts on the income statement and balance sheet. (Enter deductions and negative amounts with a minus sign.) Income Statement As Prepared Adjusting Entries Effects of Corrected Amounts Revenues $ Expenses 104,000 (68,000) Income tax expense Net income $ 36,000