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26) Whether an employee earns $80,000 a year or $800,000 a year, all of the earnings will be subject to Medicare deductions. (True/False) 27) To record compensated absences as a liability GAAP establishes four criteria. The employer needs to meet any two of these four criteria in order to recognize a liability for compensated absences. (True/False) 28) Stock dividends and stock splits both cause the number of shares outstanding to increase and retained earnings to decrease. (True/False) 29) At the beginning of the year, ABC Company had a retained earnings balance of $100,000. During the year, the company discovered that cost of goods sold was understated by $20,000 in 2018. Net income for 2020 is $40,000, the company declared $10,000 in cash dividends to common shareholders and declared a 10% stock dividend when the market price of the stock was $20. The par value of the stock is $5 a share. Assume that there are 50,000 shares of common stock outstanding all year. The company recognized an unrealized loss on available-for- sale securities. Determine the ending balance of retained earnings at December 31, 2020. 30) XYZ Company issued 10,000 shares of 5% preferred stock with a par value of $5 per share when the market value was $8 per share along with 30,000 shares of no- par common stock with a stated value of $2 per share. The market value of the common stock cannot be determined. The preferred stock and common stock were issued for a lump sum of $200,000. How much of the lump sum should be allocated to APIC-CS