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7. (4 points) M Company recorded entries for (1) issuing common stock for $250,000, (2) collecting $100,000 of accounts receivable, (3) incurring, but not yet paying, $25,000 of wage expenses, and (4) using up $10,000 of prepaid rent. What net effect do these entries have on M's total stockholders' equity amount? Be sure your answer includes a total net S amount AND indicates whether total stockholders' equity increased, decreased, or did not change. 8. (9 points) Changes in all of E's balance sheet accounts during the current year, EXCEPT the change in E's retained earnings account follow. Compute E's net income (or net loss) for the year assuming the only two entries E made to her retained earnings account during the year were for a cash dividend declared and paid of S125,000 and her net income (or net loss) for the year. (This is NOT a statement of cash flows problem - do NOT format it like a statement of cash flows problem.) Cash decreased $25,000 Accounts receivable increased $15,000 Inventory decreased $75,000 Prepaid insurance decreased $12,000 Fixed assets increased $65,000 Accumulated depreciation increased $30,000 Accounts payable increased $20,000 Salaries payable decreased $16,000 Unearned revenue decreased $15,000 Notes payable increased $50,000 Common stock increased $ 5,000 Additional paid-in-capital increased $45,000 9. (5 points) Pederson, Inc. has the following data for the year ended December 31, 2020: Net sales... $500,000 Discontinued operations loss 20,000 Cost of goods sold... 150,000 Interest expense.... 10,000 Selling expenses. 15,000 Administrative expenses. 65,000 Assume Pederson's tax rate was 20% on all items. Also assume Pederson had 100,000 shares of common stock outstanding throughout the year. Prepare an income statement in good form for the year 2020. 10. (2 points) Penning Corporation reported the following: Revenue $950,000 Expenses $450,000 Dividends on common stock $50,000 Dividends on preferred stock $150,000 Weighted average common shares outstanding 200,000 What should Penning report as its earnings per share? Round your answer to the nearest penny ***