X Company prepares monthly financial statements. The following transactions occurred on October 1: paid the premium for the first year of a $6,000, 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 $27,000 from a bank that will 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. How was Net Income in October affected by these entries