QUESTION 8 Based on the following information, calculate the dividends paid in the year ended June 2018. The business earned $1,200,000 of net income in 2018. Balances at June 2017: Balances at June 2018: Common shares $ 3,100,000 Common shares $ 3,150,000 Retained earnings $ 6,100,000 Retained earnings $ 7,100,000 $100,000 $200.000 $250,000 X $400,000 - QUESTION 9 The accounting equation can be represented as: Assets + Liabilities - Equity Assets - Liabilities - Equity Assets + Equity = Liabilities Liabilities + Equity = Assets X