A company issued financial statements for the year ended December 31, but failed to include the following adjusting entries: A. Accrued interest revenue earned of $1,200.B. Depreciation expense of $4,000.C. Portion of prepaid insurance expired (an asset) used $1,100.D. Accrued taxes of $3,200.E. Revenues of $5,200, originally recorded as unearned, have been earned by the end of the year.Determine the correct amounts for the December 31 financial statements by completing the following table:?AssetsLiabilitiesEquityNet IncomeReported amounts…...$350,000$200,000$150,000$70,000Add (subtract) tocorrect for item:????A…..????B…..????C…..????D…..????E…..???? Corrected amounts………$$$$
What will be an ideal response?
| ? | Assets | Liabilities | Equity | Net Income |
| Reported amounts…… | $350,000 | $200,000 | $150,000 | $70,000 |
| Add (subtract) to correct for item: | ? | ? | ? | ? |
| A……………………… | 1,200 | ? | 1,200 | 1,200 |
| B……………………… | (4,000) | ? | (4,000) | (4,000) |
| C……………………… | (1,100) | ? | (1,100) | (1,100) |
| D……………………… | ? | 3,200 | (3,200) | (3,200) |
| E……………………… | ? | (5,200) | 5,200 | 5,200 |
| Corrected amounts……… | $346,100 | $198,000 | $148,100 | $68,100 |
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