QUESTION 7) (24.5 marks) Be sure to answer QUESTION 7) in a WORD document. Put your name and student # at the beginning of your answer. You may type in your answer using Word in the Word document and/or you can embed an Excel spreadsheet into the Word document. As an alternative, you may also, handwrite your solution and SCAN it into a Word document - if so, IT MUST BE VERY LEGIBLE FOR ME TO READ. No matter which of the above stated options you choose, they must ALL BE SAVED IN A WORD DOCUMENT. After you have answered QUESTION 7), NAME your WORD document file, 07) Answer. SAVE your WORD document file to your computer. Attack your 07) Answer WORD document file by using the Browse My computer. After learning that you have received an "A" in Nadalini's ACC 328 - Intermediate Accounting I course, your aunt (whose accountant abruptly left due to an unexpected early delivery of her baby) has approached you and asked you to help her with recording year-end adjusting entries for her company, X Co.. You soon learn that your aunt (a marketing major) calculated a reported income of $330,000 for 2030, but in doing so neglected to consider the five items stated below. Required: For any calculations below (where applicable) use a 12-month year instead of a 365 day year. ROUND ALL CURRENCY (when needed) to 2 DECIMAL PLACES. a) You realize that you must prepare adjusting entries (based on the items listed below) at December 31, 2030, in order to state the correct 2030 net income. If no entry is needed, write NO ENTRY NEEDED. (17 marks) Items: 1) Interest on a $28,920,4%, eight-year note payable was last paid on October 1, 2030. 2) On May 1, 2030, X Co. paid a year's rent in advance on a warehouse, and debited the $41,460 payment to Prepaid Rent. 3) On June1, 2030, X Co. entered into a contract to provide services to a customer for eighteen months beginning June 1. The customer paid the $14,850 fee in full on June 1 and X Co. credited it to Service Revenue. 4) Depreciation on Office Equipment for 2030 is $9,500. 5) On December 20, 2030, X Co. paid the local newspaper $1,500 for an advertisement to be run in February of 2031, charging it to Prepaid Advertising