Sweeney & Allen, a large marketing firm, adjusts its accounts at the end of each month. The following information is available for the year ending December 31. 1. A bank loan had been obtained on December 1. Accrued interest on the loan at December 31 amounts to $1,200. No interest expense has yet been recorded. 2. Depreciation of the firm's office building is based on an estimated life of 30 years. The building was purchased four years ago for $400,000. 3. Accrued, but unbilled, revenue during December amounts to $68,000. 4. On March 1, the firm paid $1,500 to renew a 12-month insurance policy. The entire amount was recorded as Prepaid Insurance. 5. The firm received $15,000 from King Biscuit Company in advance of developing a six-month marketing campaign. The entire amount was initially recorded as Unearned Revenue. At December 31, $2,800 had actually been earned by the firm. 6. The company's policy is to pay its employees every Friday. Since December 31 fell on a Wednesday, there was an accrued liability for salaries amounting to $2,600. a. Record the necessary adjusting journal entries on December 31. b. By how much did Sweeney & Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (Ignore income taxes.) Required A Required B Record the necessary adjusting journal entries on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your answers to the nearest whole dollar.) No 1 Transaction 1 General Journal Interest expense Interest payable Debit Credit 1,200 1,200 2 2 Depreciation expense - Office building 1,111 Accumulated depreciation - Office building 1,111 3 3 Accounts receivable 68,000 Interest revenue 68,000 4 4 Insurance expense Prepaid insurance 5 5 Unearned revenue Interest revenue 6 6 Salaries expense Salaries payable 125 125 2,800 2,800 2,600 2,600 Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required A Required B By how much did Sweeney & Allen's net income increase or decrease as a result of the adjusting entries performed in part a? (Ignore income taxes.) (Round your final answer to the nearest whole dollar.) Net income increase $ 66,764 x < Required A Required B >