QUESTION 31 2.5 points S Entity I forgot to record four adjusting entries during 2019. Which one of the following omissions wil understate net income? Prepaid insurance is not reduced for the portion of the policy that has expired during the period Income taxes owed but not yet paid are ignored Credit sales made during the last week of the period are not recorded. Interest on monies borrowed has not yet been recorded. QUESTION 32 2.5 points Save A Entity A reported the following items on its balance sheet at the end of the current year. All accounts are listed. Cash $45,000 Accounts payable 80.000 Property, plant & equipment 200,000 Long-term debt 60,000 Common stock 150,000 Accounts receivable 90,000 Retained earings? Inventory 75,000 What is Entity A's Retained Earnings balance at the end of the current year? $140,000 $120,000 $270,000 $410,000