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Returns The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31

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Returns The information necessary for preparing the December 31, 2021 year-end adjusting entries for Vito's Pizza Parlor appears below. Vito's fiscal year-end is December 31 a. On July 1, 2021, purchased $19,000 of IBM Corporation bonds at face value. The bonds pay interest twice a year on January and July 1. The annual interest rate is 10% b. Vito's depreciable equipment has a cost of $6.000, a five-year life, and no salvage value The equipment was purchased in 2019 con November 1, 2021, the bar area was leased to Jack Donaldsom for one year Vito's received $8,400 representing the first six On April 1, 2021, the company paid $1.440 for a two year fire and liability insurance policy and debited insurance expense e. On October 1, 2021, the company borrowed $12.000 from a local bank and signed a note Principal and interest at 10% will be paid on September 30, 2022 1. At year-end, there is a 51.250 debit balance in the supplies (asset account. Only 5620 of supplies remain on hand. Required: 1. Prepare the necessary adjusting journal entries at December 31 2021 2. Determine the amount by which net income would be misstated i Vito's failed to record these adjusting entries. Fonore income tax expense) Arwwwer is not complete

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