The completed worksheet for Chavarria Corporation as of December 31, 20X1, after the company had completed the first month of operation, appears below. CHAVARRIA CORPORATION Worksheet Month Ended December 31, 20X1 Trial Balance Adjustments Adjusted Trial Balance Account Name Debit Credit Debit Credit Debit Credit Income Statement Debit Credit Cash Balance Sheet Debit Credit 76,800 76,800 Accounts receivable 76,800 11,600 11,600 Supplies 11,600 9,300 5,600 3,700 Prepaid advertising 3,700 12,000 2,000 10,000 Equipment 10,000 95,000 95,000 Accumulated depreciation-Equipment 95,000 1,900 1,900 Accounts payable 1,900 11,600 11,600 Isabel Chavarria, Capital 11,600 107,600 107,600 Isabel Chavarria, Drawing 107,600 6,800 6,800 Fees income 6,800 110,100 110,100 110,100 Supplies expense 5,600 5,600 Advertising expense 5,600 2,000 2,000 2,000 Depreciation expense-Equipment 1,900 1,900 Salaries expense 1,900 16,400 16,400 Utilities expense 16,400 1,400 1,400 1,400 Totals Net income 229,300 229,300 9,500 9,500 231,200 231,200 27,300 110,100 203,900 121,100 82,800 82,800 110,100 110,100 203,900 203,900 Required: 1. Prepare an income statement. 2. Prepare a statement of owner's equity. The owner made no additional investments during the month. 3. Prepare a balance sheet. Analyze: If the adjustment to Prepaid Advertising had been $4,000 instead of $2,000, what net income would have resulted?