Question 10 1.5 pts During 2020, its first year of operations, Joe's Bakery had revenues of $100,000 and expenses of $60,000. The business paid cash dividends of $30,000. What is the balance in Retained Earnings at December 31, 2020? O $70,000 credit O $30,000 credit O $60,000 credit O $10,000 credit Question 11 1.5 pts Machinery was purchased by Smith Manufacturing on January 1, 2017, for $125,000. Noland's policy is to adjust its accounts at year-end. Which is the appropriate journal entry to record depreciation at year-end if the company expects to use the machinery consistently for 5 years? In the choices below, as per convention, debits are listed first followed by credits. Depreciation Expense - Equipment $25,000 Accumulated Depreciation - Equipment $25,000 Accumulated Depreciation - Equipment $25,000 Depreciation Expense - Equipment $25,000 O Depreciation Expense - Equipment $25,000 Equipment $25,000 Accumulated Depreciation - Equipment $25,000 Equipment $25,000