Q$10$: When answering this question, please utilize the Standard Company fact pattern attached to the back or Company has asked for your assistance in the preparation of the $\frac{12}{31}\frac{?}{20x4}$ adjusting journal entries and provides you with the following information to assist you with your work:

$($i$)$ Standard depreciates the equipment $(\frac{a}{c}$#$6)$ using the straight$-$line method. A few years ago, when the equipment was purchased, Standard estimated a $6-$year useful life and a $15\%$ residual value.

Standard's services are in high demand and customers must pay a portion of the contract price in advance in order to secure services. During the twelve months ended $\frac{12}{31}\frac{?}{20x4},$ Standard collected $$22,000$ of advance payments $($a$/$c #$10)$ from customers. $25\%$ of these advance payments relate to $20$ X $5$ services with the remainder relating to $20$ X $4.$

$($iii$)$ On January $120$ X $5,$ Standard arrived at the office early before the office opened and counted the supplies noting that

What is Standard's $\frac{12}{31}\frac{?}{20}4$ adjusted net income after considering the adjusting entries required $($if any$)$ for the above $3$ items?original net income is $28950$