A company's December 31 work sheet for the current period appears below. Based on the information provided, what is net income for the current period? Unadjusted Trial Balance Adjustments Credit Debit Credit Debit Cash 2,105 Accounts receivable 1,130 1,005 Prepaid insurance Supplies Equipment Accumulated depreciation-equipment Accounts payable Retained earnings 780 1,730 460 245 8,450 320 850 1,270 9,890 Dividends 1,180 Fees earned 7,380 1,005 Rent expense 1,430 Salaries expense 2,430 Utilities expense 475 Insurance expense 780 Supplies expense 245 Depreciation expense-equipment 320 19,390 19,390 2,350 2,350 Totals Multiple Choice $2,020. $1,700. $3,045. $2,705 $4,050. When originally purchased, a vehicle costing $24,120 had an estimated useful life of 8 years and an estimated salvage value of $2,200. After 4 years of straight- line depreciation, the asset's total estimated useful life was revised from 8 years to 6 years and there was no change in the estimated salvage value. The depreciation expense in year 5 equals: Multiple Choice $5.480.00. $2,908.00. $2.740.00. $10.960.00. $5,648.00. Torino Company has 2,300 shares of $20 par value, 7.5% cumulative and nonparticipating preferred stock and 23,000 shares of $10 par value common stock outstanding. The company paid total cash dividends of $3,000 in its first year of operation. The cash dividend that must be paid to preferred stockholders in the second year before any dividend is paid to common stockholders is: Multiple Choice $6,900. $450. $3.450. $3,000 $3,900. The following data were reported by a corporation: Authorized shares 29,000 Issued shares 24,000 Treasury shares 8,000 The number of outstanding shares is: Multiple Cholce 37,000. 29.000. 21,000 24,000. 16,000