0,000 note on May 31, 2020. Interest expense na Corporation issued a one-year. 12%. $400.000 note on May 31, 2020. Interest for the year ended December 31, 2020 was: a. 20,000 b. 21,000 c. 28,000 d. 48,000 23. In order to close the dividends account, the: a. Dividend account should be debited b. Dividend account should be credited c. Retained Earnings account should be credited d. Income Summary account should be debited 730 24. The income statement for the year 2018 of Fugazi Co. contains the following information: $6980 Revenues Expenses: $3030 Salaries and Wages Expense 1560 Rent Expense Advertising Expense 290 Supplies Expense 110 Insurance Expense 5720 Total expenses Net income $ 1260 The entry to close Income Summary includes a. a debit to Income Summary for 1260 b. a credit to Income Summary for 1260 c. a debit to Retained Earnings for 1260 d. a debit tot Revenue for 6980 25. On January 1, 2018, Camera Obscura reported retained earnings of $35,000. The company earned $2,400 net income and paid $500 dividends during 2018. On December 31, 2018, the company will report Retained Earnings of a. $34,500 b. $36,900 c. $37,400 d. $37,900