X Company, a merchandiser, prepares monthly financial statements. On April 30, its accountant made adjusting entries to record:

• $5,503 of April interest on a bank loan to be paid in May
• $1,682 of wages that were earned by employees in April but to be paid in May
• $4,521 of rent and insurance for April that was prepaid on April 1 but had expired
• $3,893 of depreciation on factory equipment
• a $2,710 April utility bill received in April, to be paid in May

What would be the effect of these entries on Net Income in April?

A: $-5,851

B: $-7,782

C: $-10,351

D: $-13,766

E: $-18,309

F: $-24,351

Tries 0/99