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9. The Dole Co. had the following account balances on the unadjusted trial balance at 12/31/20, the end of its first year in operations. Credit Debit 2,940,000 360,000 Account Name Cash Inventory Accounts Payable Retained Earnings Common Stock Dividends Sales Revenue Cost of Goods Sold Insurance Expense 400,000 -0- 520,000 30,000 3,790,000 540,000 840,000 Additional information: Dole purchased a two year insurance policy on April 1, 2020 for $840,000 cash. The insurance contract runs April 1, 2020 to March 31, 2022. Dole has a perpetual inventory system and the balance in inventory at 12/31/19 was $120,000. The count of ending inventory confirmed $360,000 in ending inventory. The balance in accounts payable relates to suppliers of inventory 9a. What was the dollar amount of inventory that Dole purchased in 2020? Inventory Purchases 96. What is the amount of net income that Dole would report on its 2020 Income Statement? Net Income 9c. What is the balance in Retained Earnings that will be reported on Doles 2020 Balance Sheet? Retained Earnings