The following information was extracted from the accounts of Tomato Corporation at December 31, 2020: Total reported income since incorporation Total cash dividends paid Cumulative effect of changes in accounting principle Total stock dividends distributed Correction of an error, recorded January 1, 2020 CR (DR) $1,540,000 (550,000) (154,000) (330,000) 84,700 What should be the balance of retained earnings at December 31, 2020? $590,700 O $550,000 O $506,000 O $465,300 Management's primary responsibility with respect to financial statements is to none of these are true. O audit them, as they are distant enough from daily operations, O rely on them to make decisions, O prepare them, as they have the best insight and know what should be included. The economic entity assumption O recognizes the legal aspects of business organizations. O is inapplicable to unincorporated businesses. O requires periodic income measurement O is applicable to all forms of business organizations. Which of the following is true regarding the traditional discounted cash flow approach? O a) The discount rate is adjusted to accommodate the riskiness of the cash flows. Ob) The cash flows have been adjusted to accommodate their riskiness. O c) This model is best used where cash flows are fairly uncertain. O d) Both a) and c) are correct