Vaden Company reported revenue of $85,000 and expenses of $58,000 for the year, 2014, before making any year-end adjusting entries. The following data are provided regarding adjusting entries

1. On October 1, 2014 Vaden Company paid $13,500 for one year's liability insurance beginning on that date. The insurance was recorded as follows:

October 1,2014

Prepaid Insurance $13,500

Cash $13,500

2. On November 1, 2014, Vaden purchased office supplies that cost $800 and placed teh supplies in a storeroom for use as needed. The purchase was recorded as follows:

November, 1, 2014:

Office supplies inventory $800

Cash $800

At December 31, 2014, a count showed unused office suppples of $270 in the storeroom. At the beginning of 2014, there was $135 worth of office supplies on hand.

3. On January 5, 2015 Vaden had payroll of $15,300. Of that amount, $8,600 was related to work that had ben performed during Decembe, 2014. These wages have not as of yet been recorded.

4. On December 1, 2014, Vaden rented some office space to another party. Vaden collected $800 rent for the period December 1, 2014 to February 1,2015. The rent collected was recorded as follows:

December 1, 2014:

Cash $800

Unearned Revenue $800

5. On December 31,2014 a tenant renting some storage space from Vaden had not paid the rent $250 for December 2014. This has not been recorded.

a. Prepare any required adjusting entries.

b. Calculate the adjusted revenues, adjusted expenses and adjusted net income.