X Company prepares monthly financial statements. The following transactions occurred on September 1:

• paid the premium for the first year of a $5,000, 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 $26,000 from a bank that will be repaid on December 31, along with interest of $108 per month.

The accountant made entries to record the transactions on September 1 and the adjustments on September 30. How was Net Income in September affected by these entries.