Question 7 (4 points) Benedict Company compiled the following financial information as of December 31, 2014: $560,000 120,000 Service revenue Common stock Equipment Operating expenses 160,000 500,000 Cash 140,000 Dividends 40,000 Supplies Accounts payable Accounts receivable 20.000 80.000 60,000 Retained earnings, 1/1/14 300,000 Benedict's assets on December 31, 2014 are 3 1) $940,000. 2) $380,000. 3) $680,000. 8 4) $320,000