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During the year, the Jackson Company reported a decrease in liabilities of $32,400. For the year, revenues were $118,300, expenses were $197,900, and dividends were $7,000. During the year, $37,000 in common stock was issued. There were no other changes in equity. What was the decrease in assets for the year? Select one: O a. $68,000 O b. $17,200 O c. $82,000 O d. $91,200 O e. $156,000 The Piepon Corp. recorded the collection of cash in advance of services by debiting Prepaid Expense and crediting Accounts Receivable. What is the effect of the error on Assets and Net Income, respectively? Select one: O a. Understated, No error O b. Overstated, Overstated c. Understated, Overstated O d. Overstated, No error e. Understated, Understated Which of the following are NOT amortized over their useful lives? Select one: O a. Copyrights O b. Trademarks O c. Patents O d. Broadcast Licenses e. Customer lists The Packard Company fails to record depreciation at year-end. Indicate the error on the Net Income and Accumulated Depreciation, respectively. Sele one: O a. No error, Overstated O b. No error, Understated O c. Overstated, Understated O d. Overstated, No error O e. Overstated, Overstated Maghielse Company incurred the following expenses: Filing fees for patent applications $30,000 Depreciation on research equipment $100,000 Updating packaging of existing products $25,000 Evaluating designs of various prototypes $45,000 Overhaul of assembly line production equipment $70,000 The total amount to be expensed as Research and Development is: Select one: O a. $45,000 O b. $175,000 O c. $145,000 O d. $215,000 O e. $260,000