MULTIPLE CHOICE 4 pts each; 60 points oorman Corporation reports the following information: Correction of understatement of depreciation expense in prior years, net of tax Dividends declared Net income Retained earnings, 1/1/15, as reported 1,290,000 960,000 3,000,000 6,000,000 Moorman should report adjusted beginning retained earnings on 12/31/15 as: a. $4,710,000 b. $6,000,000. e. $7,290,000. d. $9,330,000. 2. Fulton Company owns the following investments: Trading securities (fair value) Available-for-sale securities (fair value) Held-to-maturity securities (amortized cost) $160,000 70,000 94,000 Fulton will report investments in the current assets section of its balance sheet as: a. So b. Exactly $160,000 c. $160,000 or an amount greater than $160,000, depending on eircumstances d. Exactly $230,000 3. Harding Corporation reports the following information: Net income Depreciation expense Increase in accounts receivable Harding should report cash provided by operating activities of S530,000 140,000 60,000 A) S330,000 B) $450,000 C) S610,000 D) $730,000 AG Inc. made a $25,000 sale on account with the following terms: 2/10, n/30. If the company uses the net method to record sales made on account, what is (are) the debit(s) in the journal entry to record the sale? 4. A. Debit Accounts Receivable for $24,500 B. Debit Accounts Receivable for $24,500 and Sales Discounts for $500 C. Debit Accounts Receivable for $25,000 D. Debit Accounts Receivable for $25,000 and Sales Discounts for $500