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

• paid the premium for the first year of a $5,000, four-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 $20,000 from a bank that will be repaid on December 31, along with interest of $83 per month.

The accountant made entries to record the transactions on October 1 and the adjustments on October 31. How was Net Income in October affected by these entries.