Refer to the information in E3–8.
Consider the following transactions for Huskies Insurance Company:
a. Equipment costing $36,000 is purchased at the beginning of the year for cash. Depreciation on the equipment is $6,000 per year.
b. On June 30, the company lends its chief financial officer $40,000; principal and interest at 6% are due in one year.
c. On October 1, the company receives $12,000 from a customer for a one-year property insurance policy. Unearned Revenue is credited.
For each item, record the necessary adjusting entry for Huskies Insurance at its year-end of December 31. No adjusting entries were made during the year.
For each of the adjustments in E3–8, indicate by how much net income in the income statement is higher or lower if the adjustment is not recorded.
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