Question 10 Desert, Inc. has year-end account balances as of December 31, 2020 of Sales Revenue $907,000; Interest Revenue $24,000; Cost of Goods Sold $593,000; Administrative Expenses $188,000; Income Tax Expense $31,000; Dividends $18,000, Unrealized Pension Liability Adjustments of $21,500 (dr) and a correction of an error in recording Depreciation Expense for 2018 of $12,000 (dr). To prepare the year-end closing entry required to close the Income Summary account, Desert would record a: O Debit to Net Income for $107.000 Debit to Income Summary for $119,000 Debit to Retained Earnings for $89,000 Debit to Income Summary for $67,500 Question 11 4 pts ABC Company keeps their accounting records on the cash basis. During the year, ABC received $270,000 from clients, and ABC paid $85,000 to cover operating expenses. Account balances as of the dates given are as follow: Jan 1 Dec 31 Change Accounts Receivable $24,000 $52,000 $28.000 208 DW FB SO FS FO 52 F2 Fa A # $ % & 3 4 5 o 6 7 8 0 9