At January 1, 2019, Kanata Corporation had a credit balance of $5,450,000 in its retained earnings account. During the year, Kanata paid $250,000 in dividends and reported profit of $560,000. Kanata had a debit balance of $750,000 in its cash account at January1, 2019, but the amount was reduced to $600,000 at the year end of 2019. The December 31, 2019 balance of retained earnings is O $5,860,000 O $5,950,000 O $6,200,000 O $6,450,000 0 None of the above The shareholders' equity section of Starr Corporation at December 31, 2015 included the following: | $3 preferred shares, cumulative, 10,000 shares authorized, 9,000 shares issued Common shares, 500,000 shares authorized, 400,000 shares issued $900,000 $2,000,000 Dividends were not declared on the preferred shares in 2015 and are in arrears. On September 15, 2016, the board of directors declared dividends on the preferred shares for 2015 and 2016 to shareholders of record on October 1, 2016, payable on October 15, 2016. On November 1, 2016, the board of directors declared a $0.50 per share dividend on the common shares, payable November 30, 2016, to shareholders of record on November 15, 2016. Using the above information, the correct entry on October 15, 2016 would be: Debit dividend payable $27,000; credit cash $27,000 Debit cash dividend $27,000; credit dividend payable $27,000 Debit cash dividend $54,000; credit dividend payable $54,000 O Debit dividend payable $54,000; credit cash $54,000 O None of the above Greely Corp. has the following assets: | Buildings and Equipment (net) Trade Receivables $22,500,000 1,000,000 2,500,000 1,500,000 Land The total amount reported under Property, Plant, and Equipment would be $24,000,000. O $26,500,000 O $22,500,000 O $4,000,000 0 None of the above