X Company prepares monthly financial statements. The following transactions occurred on October 1: . paid the premium for the first year of a $6,000, five-year insurance policy, . paid cash for equipment that cost $10,000; the equipment has a life of three years and salvage value at that time of $1,000, and . borrowed $27,000 from a bank, to be repaid on December 31 along with interest of $112 per month. The accountant made entries to record the transactions on October 1 and the adjustments on October 31. What was the combined effect of the October 1 and October 31 entries on October Net Income? OA: $-152 OB: $-220 OC: $-319 OD: $-462 OE: $-670 OF: $-971 Submit Answer Tries 0/99 Communication Blocked