$4800. 4 QUESTION 1. For the year ended December 31, a company had revenues of $205,000 and expenses of $123,000. $41,000 in dividends were paid during the year. Which of the following entries could not be a closing entry? Debit Income Summary $82,000; credit Retained earnings $82,000. Debit Income Summary $205,000; credit Revenues $205,000 Debit Revenues $205,000, credit Income Summary $205,000 Debit Retained earnings $41,000; credit Dividends $41,000 Debit Income Summary $123,000; credit Expenses $123,000 QUESTION 1 Bedrock Company reported a December 31 ending inventory balance of $415,000. The following additional information is also available: The ending inventory balance of $415,000 include $73,800 of consigned inventory for which Bedrock was the consignor The ending inventory balance of $415,000 includes $25,600 of office supplies that were stored in the warehouse and were to be used by the company's supervisors and managers during the coming year. Based on this information, the correct balance for ending inventory on December 31 is: 2 $303,000 $359,600 $340,400 $389,400 $241,000 QUESTION 1. If a company is considering the purchase of a parcel of land that was acquired by the seller for $94.000 is offered for sale at $168,000, is assessed for tax purposes at $104,000, is considered by the purchaser as easily being worth $158,000, and is purchased for $155,000, the land should be recorde in the purchaser's books at: $104,000 $156,500 $168,000 $158,000 $155.000