7. 8. Which type of account is always debited during the closing process? 1. Dividends b. Expense c. Revenue d. Retained earnings Benedict Corporation reports the following information: Net income $750,000 Dividends on common stock $210.000 Dividends on preferred stock $ 90,000 Weighted average common shares outstanding 250,000 Benedict should report earnings per share of a $1.80. b. $2.16 c. $2.64 d. $3.00 9. 6,000,000 Moorman Corporation reports the following information: Retained carings, 1/1/21, as reported Correction of understatement of depreciation expense in prior years, net of tax Dividends declared Net income Moorman should report retained earnings, 12/31/21 of $4,710,000 b. $6,000,000 c. $6,750,000 d. $9,330,000 S 1,290,000 960,000 3,000,000 a 10 Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2021 included the following: Debit Credit Sales revenue $280,000 Cost of goods sold $170,000 Administrative expenses 40,000 Loss on disposal of equipment 18,000 Sales commission expense 16,000 Interest revenue 10,000 Freight expense 6,000 Loss from discontinued operations 24,000 Bad debt expense 6,000 Other information: Logan's income tax rate is 30%. On Logan's multiple-step income statement for 2021, income from continuing operations is a $23,800 b. $34.000. c. $68,000 d. $7,000