answer 24-26

Use the following information for questions 23-30 regarding ABC Co. in 2020 (assume this is the first year of operations for ABC Co., and assume ABC pays cash unless noted otherwise, even if it results in ABC having a credit balance in Cash): 1/1 Issued 100,000 shares of common stock for $1 each 2/1 Paid $280,000 for equipment with a 10-year useful life. Depreciation in the year was $28,000. 3/1 Signed a 1-year factory lease, paying full amount of $72,000 upfront 3/15 Delivered services to client and bill in full for $575,000 (client will pay at a later date) 5/1 Purchased $40,000 worth of supplies on credit. By 12/31 $5,000 of supplies are left 6/1 Received $400,000 in advance payment from a client for services that will be performed by ABC Co. later 8/1 Performed $100,000 of services that the client paid for on 6/1 10/1 Declared and paid $50,000 in dividends 11/1 Purchased $50,000 in inventory 12/1 Paid $30,000 of the 5/1 purchase of supplies 1 pts Question 24 What is the cash amount reported on the December 31, 2020 Balance Sheet? $196,000 $4,000 None of the answers are correct ($104,000) $451.000 $18.000 O $182.000 1 pts Question 25 What are total liabilities on the 2020 Balance Sheet? O $310,000 O $128,000 $94.000 None of the answers are correct. O $122,000 i pts D Question 26 What is the December 31 adjusting entry related to the March 1 signing of the lease? O Debit rent expense $66,000; credit prepaid rent $66,000 Debit rent expense $72,000; credit prepaid rent $72,000 O Debit rent expense $60,000; credit prepaid rent $60,000 - Debit prepaid rent $60,000 credit cash $60,000 None of the above