Required information [The following information applies to the questions displayed below! Quinlan-Cohen, Inc.publishers of movie and song trivia books, made the following errors in adjusting the accounts at year-end (December 31). a Did not accrue $1,600 owed to the company by another company renting part of the building as a storage facility b. Did not record $15100 depreciation on the equipment costing S117,000 c. Failed to adjust the Unearned Fee Revenue account to reflect that $1,100 was earned by the end of the year d. Recorded a full year of accrued interest expense on a $13.200, 12 percent note payable that has been outstanding only since November 1 e Failed to adjust Prepaid Insurance to reflect that $670 of insurance coverage had been used. 2. Using the following headings, indicate the effect of each error and the amount of the effect that is, the difference between the entry that was or was not made and the entry that should have been made) Use of the effect overstates the item, uirthe effect understates the item (Reminder: Assets Liabilities - Stockholders' Equity: Revenues - Expenses - Net Income and Net Income accounts are closed to retained Earnings, a part of Stockholders' Equity) (Select "NE" for no effect.) Transaction Etteet Balance Sheet Assets Liabilities Stockholders' Equity Effect Amount Elect Amount Effect Amount U 1,600 NE 0 U 1,600U O 15.100 NE Olo 15,100 NE NE 010 1.100U 1,100U NE 00 11 000 X U 11 000 NE O 670 NE 0 o NE b c d OOOOO Income Statement Revenues Expenses Net Income Amount Elect Amount Effect Amount 1.600 NE DU 1,600 0U 15,100 lo 15.100 1100NE OU 1.100 olo 11 000 X U 11,000 0U 670 o OOOO OOO OOOO e. 670 (670)