Dividends have a normal debit balance and decrease the value of equity. True False 2 1 point Under the perpetual inventory system, two journal entries are required when inventory is sold. True False 3 point The interest on a 6%,60-day note with a face value of $5,000 is $300. True False 1 point A company's net income stays the same whether they use LIFO or FIFO for their inventory costing method. True False 1 point Common stockholders have dividend preference over preferred stockholders. True False