Question 1 0 / 1 pts Desert Company is creating its income statement for the quarter and notes the following information: Cost of Goods Sold $317,361 Dividend Revenue $15,755 Income Tax Expense $36,591 Operating Expenses $138,158 Sales Revenue $621,391 What does Desert report for Gross Profit? 319,785 Question 3 0 / 1 pts On the Income Statement, Cost of Goods Sold is included... As a part of Income from Continuing Operations O All of the answer choices are correct As a part of Gross Profit As a part of Income from Operations Question 4 0 / 1 pts A company is not required to report a per share amount on the face of the income statement for which one of the following items? Continuing operations Net income Prior period adjustment Discontinued operations Question 5 0/1 pts Desert Corporation reports the following information: Net income $750,000 Dividends on common stock $210,000 Dividends on preferred stock $ 90,000 Weighted average common shares outstanding 250,000 Desert should report earnings per share of... $2.16 $3.00 $1.80 O $2.64 Question 6 0 / 1 pts On April 1, 2020, Desert Company decided to dispose of their Scorpion Division. Desert sold Scorpion Division to Cactus Corporation on November 30, 2020, for net gain on the sale of $114,488. From April 1st to November 30th, Scorpion Division generated a gain on operations of $124,800. The tax rate is 30%. Desert reported $840,312 in Income from Continuing Operations. What is the amount of Net Income Desert will report on its income statement? *round your answer to the nearest dollar Question 9 0/1 pts On January 1, 2018, Cactus Corporation acquired machinery at a cost of $1,475,000. Cactus adopted the double-declining balance method of depreciation for this machinery and had been recording depreciation over an estimated useful life of ten years, with no residual value. At the beginning of 2021, a decision was made to change to the straight-line method of depreciation for the machinery. At that time the balance in Accumulated Depreciation was $719,800. What would Cactus record for depreciation expense on their 2021 income statement? 0 $107,886 0 $102,829 0 $71,980 $147,500 Question 10 0/1 pts Desert Company has decided it would like to change its inventory method from FIFO to LIFO. According to its inventory records, ending inventory according to FIFO is recorded as 277,474 and ending inventory according to LIFO is recorded as 232,721. Using the FIFO method, Desert has calculated its net income to be 688,387. What would Desert record as net income using the new inventory method (LIFO)? *ignore the effects of taxes