1 pts U Question 4 ABC Company had the following transactions in Year 1: Earned $890 of service revenue. Half was paid in cash, the other half was sold on account. Paid $240 cash for salaries expense. In addition to the salary expense above, ABC Co. also recognized accrued salaries of $20. . Collect $40 cash from accounts receivable. What amount of salary expense will ABC Company report on the Year 1 Income Statement? $20 $240 $220 5260