(Solved): Problem \#20 of 22 The following normal balances appear in Eaton Company's general ledger: 20 21 ...

Problem \#20 of 22 The following normal balances appear in Eaton Company's general ledger: 20 21 22 In the first closing entry, Retained Earnings will be credited for a. $$\$43,000$$. b. $$\$33,020$$. c. $$\$9,980$$. d. $$\$27,500$$. Blake Corporation uses the accrual basis of accounting. Its fiscal year is from January through December. On July 1 of the current year, the company receives rental income of $$\$14,400$$ for a 1 -year lease of office space in its building. At the end of the fiscal year, what amount of rental income is reported on its income statement? a. $$\$14,400$$ b. $$\$0$$ c. $$\$7,200$$ d. $$\$9,600$$