Which of the following statements regarding retained earnings is true? Select one: a. Under ASPE, private corporations must report changes in retained earnings in a separate statement, called statement of retained earnings. b. It is optional for corporations to report changes in retained earnings. c. Under ASPE, corporations may report changes in retained earnings in a note to financial statements. d. Unlike public corporations, private corporations are not required to report changes in retained earnings. A corporation's financial statements: Select one: a. Serve a much wider audience group than a proprietorship's financial statements b. Are generally less complex than a proprietorship's financial statements c. Are optional and do not have to be prepared every year d. Are always prepared under the same disclosure requirements as a proprietorship's financial statements On which statement are adjustments for prior period accounting errors and changes to accounting policies made? Select one: a. None of the choices b. Statement of retained earnings c. Balance sheet d. Cash flow statement On December 31, 2020, Dambu Corporation reported cash and cash equivalents amounted $1,000,000, short-term investments amounted $2,000,000, accounts receivable (net) amounted 3,000,000, merchandise inventory amounted $4,000,000 and prepaid expenses amounted $5,000,000. How much total current assets will be reported by Dambu Corporation for the year 2020?: Select one: a. $15,000,000 b. $5,000,000 c. $1,000,000 d. $10,000,000