of $240,000. When the Income Summary is closed to Retained Earnings, the amount of the debit or credit to Retained Earnings is a A) credit of $1,840,000. B) credit of $1,600,000. C) debit of $1,600,000. D) debit of $1,840,000. 19. Adam Corporation had revenues of $3,000,000, expenses of $1,160,000, and dividends invested today in an investment that earns 6% interest, com pounded annually? A) $63,367 B) $65,816. C) $100,998 D) $96,891. 20. Carol requires $80,000 in four years to purchase a new home. What amount must be 21. Zeidy invested $50,000 that he received from his grandmother today in a fund that is expected to earn 10% per annum. To what amount should the investment grow in five years if interest is compounded semi-annually? A) $80,445. B) $88,578. C) $81.445 D) $77,567 22. Shira Company reported the following information for 2019: Sales revenue Cost of goods sold Operating expenses Unrealized holding gains on available-for-sale debt securities Cash dividends earned and received on securities owned $800,000 450,000 55,000 20,000 4,000 For 2019, Shira would report comprehensive income of A) $295,000. B) S319,000. C) $315,000. D) None of these