QUESTION 26 Not yet answered The income statement for the year 2011 of SQU contains the following information: Revenues $28,000; Expenses $29.400. The entry to close the expense accounts includes a Marked out of 1.00 P Flag question Select one: a. Credit to Income Summary for $28,000. o b. Debit to Income Summary for $1,400 Debit to Income Summary for $28,000. d. Credit to Expenses for $29,400 QUESTION 27 Not yet answered Marked out of 1.00 P Flag question The following selected account balances appear on the December 31, 2011 statement of financial position of SQU Co.Land (location of the corporation's office building) $150,000, Land (held for future use) 225.000, Corporate Office Building 900,000; Inventory 300,000; Equipment 675,000; Office Furniture 150,000; Accumulated Depreciation 450.000. What is the total amount of assets excluding investment that will be reported on the statement of financial position? Select one: Select one: e a $1650,000 b. $1.725,000 C.$1,425,000 d.$2,400,000