QUESTION 9 During 2013, Bascom Bakery paid out $33,525 of common dividends. It ended the year with $197,500 of retained earnings versus the prior year's retained earnings of $159,600. How much net income did the firm ean during the year? o a. $78,746 b. $82,683 e c. $71,425 od. $86,818 e. $74,996 QUESTION 10 Relaxant Inc. operates as a partnership. Now the partners have decided to convert the business into a corporation Which of the following statements 1s CORRECT? a. The firm will find it more difficult to raise additional capital to support its growth b. The company will probably be subject to fewer regulations and required disclosures . c. Relaxant's shareholders (the ex-partners) will now be exposed to less liability d. Assuming the firm is profitable, none of its income will be subject to federal ancome taxes e. The firm's incestors will he exnosed to less hahslity hut thev wal find it more difficult to ransfer their osnershi