15. Payment of a dividend will: A. Decrease net income. B. Increase net income. C. Decrease retained earnings. D. Increase retained earnings. 16. On January 1, 2018 Post Company purchased a machine for $80,000. The machine had a salvage value of $8,000 and a useful life of 10 years. Using straight line depreciation, the accounting entry for recording depreciation expense for the second year of operation would be: A. Debit depreciation expense - $7,200, credit accumulated depreciation - $7,200. B. Debit depreciation expense - $8,000, credit accumulated depreciation - $8,000. C. Debit depreciation expense - $8,000, credit machine - $8,000. D. Debit depreciation expense - $4,000, credit machine - $4,000. 17. A company has sales of $1,200,000 and cost of goods sold of $800,000. The company's gross profit percentage is: A. 66.67% B. 6.67% C. 33.33% D. 3.33% 18. On June 1 Company B purchases 10 televisions at $600 each for cash. During June Company B sells 3 for $1,200 each cash. The journal entry will include (but not be limited to): A. A debit of $3,600 to cost of goods sold and a credit of $3,600 to inventory B. A debit of S1,800 to cost of goods sold and a credit of $1,800 to inventory, C. A debit of S3,600 to cost of goods sold and a credit of $1,800 to inventory, D. A debit of S1,800 to cost of goods sold and a credit of $3,6 V inventory