Accounting Cycle Review E 0-32 Your answer is incorrect. Try again. On December 31, 2017, Crane Company prepared an income statement and balance sheet, but failed to take into account three adjusting entries. The balance sheet showed total assets $111,000, total liabilities $51,800, and stockholders' equity $59,200. The incorrect income statement showed net income of $51,800. The data for the three adjusting entries were: Salaries and wages amounting to $7,400 for the last 2 days in December were not paid and not recorded. The next payroll will be in January. 1. 2. Rent payments of $5,920 was received for 2 months in advance on December 1. The entire 3. Depreciation expense for 2017 is $6,660. Complete the following table to correct the financial statement amounts shown (indicate deductions with amount was credited to Unearned Rent Revenue when paid. parentheses) Total Liabilities Stockholders Equity Item Incorrect balances Effects of: Net Income Total Assets $51,800 $111,000 $51,800 $59,200 Salaries and Wages Rent Revenue Depreciation Correct balances SHOW SOLUTION SHOW ANSWER LINK TO TEXT Ques tion Attempts: Unlimited REPEAT QUESTION WITH NEW VALUES