The account balances for the Pittman International Company on January 31, 20X1, follow. The balances shown are after the first month of operations. 101 Cash 111 Accounts receivable 121 Supplies 131 Prepaid insurance 141 142 202 Accounts payable Equipment Accumulated depreciation-Equipment 301 Reginald Pittman, Capital 302 Reginald Pittman, Drawing Adjustments: $ 18,475 3,400 511 2,150 514 401 Fees income 15,000 517 Advertising expense Depreciation expense-Equipment Insurance expense 24,000 518 Rent expense 0 519 Salaries expense 2,000 6,000 520 40,000 523 524 Supplies expense Telephone expense Utilities expense $ 30,925 1,500 0 0 2,500 6,700 0 350 850 a. Supplies used during the month amounted to $1,050. b. The amount in the Prepaid Insurance account represents a payment made on January 1, 20X1, for six months of insurance coverage. c. The equipment, purchased on January 1, 20X1, has an estimated useful life of 10 years with no salvage value. The firm uses the straight-line method of depreciation. Required: 3. Complete the worksheet. 4. Prepare an income statement, statement of owner's equity, and balance sheet. 5. Record the balances in the selected general ledger accounts, then journalize and post the adjusting entries. Analyze: If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? Complete this question by entering your answers in the tabs below. Req 4 Inc Req 3 Req 4 Stmt of Stmt OE Req 4 Bal Sheet Req 5 Gen Req 5 Ledgers Journal Analyze If the useful life of the equipment had been 12 years instead of 10 years, how would net income have been affected? (Do not round intermediate calculations. Round your final answer to 2 decimal places.) Net income would have been