Wu Mo LLC was finalizing its annual 12/31/2020 financials and has the following information: (1) on 10/0120, $26,000 was paid for annual car insurance coverage: (2) on 06/30/20 Wu Mo loaned money to its CEO $24,000, principal and interest at 6% on this note are due in one year, and (3) machinery costing $74,000 was bought on 01/01/20 and fully paid for with cash. The machinery is depreciated at a rate of $14,800 per year. If adjusting entries were not recorded, would net income be higher or lower and by how much? Not Income would be by