Majan Company borrowed $20,400 from the bank signing a 12%, 6-month note on September 1. Principal and interest are payable to the bank on March 1. If the company prepares financial statements, the amount of interest expense that the company should report as interest expense on October 31, would be Select one: a. $408. b.$1,224 c$204 d. $2,248. The following items are taken from the financial statements of SQU Company for the year ending December 31, 2011: Accounts payable R.O.23,400; Accounts receivable 14,300; Accumulated depreciation-equipment 18,200; Advertising expense 35,490; Cash 19,500; Share capital-ordinary 54,600; Dividends 14.000; Depreciation expense 12,000; Equipment 210,000; Insurance expense 3,000; Note payable (due 6/30/12) 70,000; Prepaid insurance (12-month policy) 6,000; Rent expense 17,000; Retained earnings (1/1/11) 60,000; Salaries expense 32,000; Service revenue 133,000; Supplies 4,000; Supplies expense 6,000. What is the balance of retained earnings at December 31, 2011? Select one: O a. R.0.69,510. O b.R.O.73.510 o c.R.0.79.510 d.R.O.83,290