Galactic Universe Company had the following financial information: 2019 2018 Revenue P 1,350,000 P 1,000,000 Expenses 980,000 650,000 Net income +370,000 P 350,000 12/31/2019 12/31/2018 Total Assets P 1,570,000 P 1,050,000 Total Liabilities P 500,000 P 350,000 Total Owner's Equity P 1,070,000 P 700,000 Galactic failed to record P 120,000 of accrued wages at the end of 2018. The wages were recorded and paid in January 2019. The correct accruals were made on December 31, 2019. 6. What is the corrected net income for 2018? A. P 250,000 C. P 350,000 B. P 470,000 D. P 230,000 7. What is the corrected net income for 2019? A. P 250,000 C. P 430,000 B. P 370,000 D. P 490,000 8. The corrected total liabilities on December 31, 2018 should be A. P 400,000 C. P 500,000 B. P 230,000 D. P 470,000 9. The corrected total owner's equity on December 31, 2019 should be A. P 1,190,000 C. P 1,010,000 B. P 950,000 D. P 1,070,000 10. The retirement of long-term debt by the issuance of common stock should be presented in a statement of cash flows as a 11. In a statement of cash flows, which of the following items is reported as a cash outflow from financing activities? 1. Payments to retire mortgage notes II. Interest payments on mortgage notes III. Dividend payments A. I, II and III. B. I and III. c. only D. I and