Val's Hair Emporium operates a hair salon. Its unadjusted trial balance as of December 31, 2021, follows, along with information about selected accounts. Account Names Cash Debit $ 3,500 Credit Supplies 4,000 Prepaid Rent 5,100 Accounts Payable Salaries and Wages Payable Income Tax Payable Common Stock Retained Earnings Service Revenue Salaries and Wages Expense 28,800 Utilities Expense 11,900 Rent Expense Supplies Expense Income Tax Expense 17,000 4,500 0 Further Information As reported on December 31 bank statement. Based on count, only $1,150 of supplies still exist. This amount was paid November 1 for rent through the end of January. $ 1,350 This represents the total amount of bills received for supplies and utilities through December 15. Val estimates that the company has received $420 of utility services through December 31 for which it has not yet been billed. 0 Stylists have not yet been paid $200 for their work on December 31. 0 1,700 The company has paid last year's income taxes but not this year's taxes. This amount was contributed for common stock in prior years. 800 This is the balance reported at the end of last year. 70,950 Customers pay cash when they receive. services. This is the cost of stylist wages through December 30. This is the cost of utilities through December 15. This year's rent was $1,700 per month. This is the cost of supplies used through November 30. The company has an average tax rate of 25%. Totals $ 74,800 $ 74,800 Req 4A Req 4B Calculate the adjusted net income that the company should report for the year ended December 31, 2021. VAL'S HAIR EMPORIUM Income Statement 0 0 PA4-4 (Algo) Part 4 4-a. Calculate the adjusted net income that the company should report for the year ended December 31, 2021. 4-b. By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Complete this question by entering your answers in the tabs below. Req 4A Req 4B By what dollar amount did the adjustments in requirement (3) cause net income to increase or decrease? Net income by < Req 4A Req 48 >