The information necessary for preparing the December 31, 2024, year-end adjusting entries for Vito's Pizza Parlor appears below. a. On July 1, 2024, purchased $17,500 of 18M Corporation bonds at face value. The bonds pay interest twice a year on January 1 and July 1 . The annual interest rate is 10%. b. Vito's depreciable equipment has a cost of $7,500, a five-year iffe, and no salvage value. The equipment was purchased in 2022 The straight-line depreciation method is used. c. On November 1,2024 , the bar area was leased to Jack Donaldson for one yeat. Vito's recelved $7,500 representing the first six months' rent and credited deferred rent revenue ot the time cash was recelved. d. On April 1,2024, the company paid $1,800 for a two-year fire insurance policy and debited prepaid insurance at the time of the payment. e. On October 1,2024 , the company borrowed $15,000 from a local bank and signed a note. Principal and interest at 10% will be paid on September 30,2025. t. At year-end, there is a $1,400 debit balance in the supplies (asset) account. Only $650 of supplies remain on hand. Requlred: 1. Prepare the necessary adjusting journal entries on December 31,2024. 2 Determine the amount by which net income would be misstoted if Vito's folled to record these odjusting entries. (Ignore income tax expense)