The Trial Balance section of the worksheet for Fashion World for the period ended December $31,20$X$1,$ appears below. Adjustments data are also given.ADJUSTMENTSSupplies used, $$7,200$Expired insurance, $$4,800$Depreciation expense for machinery, $$2,400$Required:Complete the worksheet.Prepare an income statement.Prepare a statement of owners equity.Prepare a balance sheet.Journalize the adjusting entries in the general journal.Journalize the closing entries in the general journal.Prepare a postclosing trial balance.Analyze:If the adjusting entry for expired insurance had been recorded in error as a credit to Insurance Expense and a debit to Prepaid Insurance for $$4,800,$ what reported net income would have resulted?