Which of the following statements is true? Multiple Choice If revenues are greater than expenses, the company has net income and retained earnings decreases. If revenues are greater than expenses, the company has net income and contributed capital increases. If revenues are less than expenses, the company has a net loss and retained earnings decreases. If revenues are less than expenses, the company has a net loss and contributed capital increases to balance off the loss. X Cribbage Company had income before income tax of $164,000 last quarter and a 34% tax rate. Its net income should be reported as: Multiple Choice $108,240. $248,485. $55,760. $(55,760). X