The information below is for Mumu Company. . During the year, Mumu Company signed consulting contracts totaling $50,400,000. . During the year, Mumu Company completed work on consulting contracts with a total contract price of $15,200,000. Work on the remaining $35.200,000 in contracts is 30% completed. . During the year, Mumu Company collected ALL the cash from its consulting contracts totaling $50,400,000. The customers paid all of the cash this year even though all of the work is not yet completed (see the previous item). . On January 1 of this year, Mumu Company purchased a machine for $12,700,000 cash. This machine is expected to be useful for 20 years. The machine has no salvage value. On November 17. Mumu Company purchased inventory for $2,500,000 cash. Mumu Company plans to sell the inventory next year. . On May 1, Mumu Company borrowed $8,600,000 in cash from a local bank. The annual interest rate on the loan is 12%. Mumu Company will repay the loan, with interest, next year on April 31. What is Mumu Company's NET INCOME for this year? O $21,937,000 O $24,437,000 O $49,077,000 O $24,093,000 On January 10, X2 Tio Paco Company paid Cash of $2,200 to its employees for wages. Of this amount. $700 in cash was to pay for employee services that had been performed last year. The remaining $1,500 cash was for employee services performed this year, the $1,500 in employee services this year have not been recorded. The appropriate adjusting entry on December 31, X1 of Wages Expense and Wages Payable were recorded in the amount of $700 each. Which ONE of the following would be included in the journal entry necessary to record the $2,200 cash payment on January 10.X2? O A DEBIT to Wages Payable for $700 O A CREDIT to Wages Payable for $700 O A DEBIT to Wages Payable for $1,500 O A DEBIT to Wages Expense for $2,200