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Question: i need help in part b please thank you...

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I need help in part b) please! Thank You!

Problem 3-3 (Part Level Submission) A review of the ledger of Metlock, Inc. at December 31 produces the following data for the preparation of annual adjusting entries: 1. Salaries and Wages Payable, 0. There are 8 salaried employees. 4 employees receive a salary of $1,180 each per week, and 4 employees earn 2. Unearned Rent Revenue, $446,780. The company began subleasing condos in its new building on November 1. Each tenant has to make a $680 each per week. Employees do not work weekends. All employees worked two days after the last pay period and before December 31 $5,150 security deposit that is not refundable until occupancy is ended. At December 31, the company had the following rental contracts that were paid in full for the entire term of the lease: Term Number Date Nov. 1 Dec. 1 (in months) 6 6 Monthly Rent $4,080 $10,350 of Leases 6 4 3. Prepaid Advertising, $15,480. This balance consists of payments on two advertising contracts. The contracts provide for monthly advertising in two trade magazines. The terms of the contracts are as follows Number of Contract Date Amount magazines Issues $7,560 7,920 A650 May 1 Oct. 1 12 B974 24 The first advertisement runs in the month in which the contract is signed Notes Payable, $82,680. This balance consists of a one year, 796, note that is dated June 1 4.Your answer is correct Prepare the adjusting entries at December 31. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select No Entry for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.) No. Date Account Titles and Explanation Debit Credit 1. Dec. 31 Salaries and Wages Expense 2976 Salaries and Wages Payable 2976 2. Dec. 31 Unearned Rent Revenue 90360 Rent Revenue 90360 3. Dec. 31 Advertising Expense 6030 Prepaid Advertising 6030 4. Dec. 31 Interest Expense 3376 Interest Payable 3376▼ (b) Your answer is partially correct. Try again. Metlock is preparing for a meeting with potential investors. What is the net effect of the adjusting entries on net income? (Round answers to o decimal places, e.g. 5,275.) understated Net income is by $

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