3:30 2 The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2, before the temporary accounts had been closed. The Cash balance was $3,120, and Notes Payable amounted to $3,200. The company had revenues of $3,650 and expenses of $2,330. The company's Land account had a $5,500 balance. Dividends amounted to $300. The balance of the Common Stock account was $1,300. Required a. Identify which accounts would be classified as permanent and which accounts would be classified as temporary. b. Assuming that Wyckoff's beginning balance (as of January 1, Year 2) in the Retained Earnings account was $3,100, determine its balance after the temporary accounts were closed at the end of Year 2. c. What amount of net income would Wyckoff Company report on its Year 2 income statement? Complete this question by entering your answers in the tabs below. Req A Req B and C Identify which accounts would be classified as permanent and which accounts would be classified as temporary. Account Cash Notes Payable Revenues Expenses Land Dividends Common Stock Retained Earnings Classification Req B and C >

The following information was drawn from the accounting records of Wyckoff Company as of December 31, Year 2, before the temporary accounts had been closed. The Cash balance was $3,120, and Notes Payable amounted to $3,200. The company had revenues of $3,650 and expenses of $2,330. The company's Land account had a $5,500 balance. Dividends amounted to $300. The balance of the Common Stock account was $1,300. Required o. Identify which accounts would be classified as permanent and which accounts would be classified as temporary b. Assuming that Wyckoff's beginning balance (as of January 1, Year 2 ) in the Retained Earnings account was $3,100, determine its balance after the temporary accounts were closed at the end of Year 2 c. What amount of net income would Wyckoff Company report on its Year 2 income statement? Complete this question by entering your answers in the tabs below. Identify which accounts would be classified as permanent and which accounts would be classiffed as temporary