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Use the following information for questions 5 through 7. e following trial balance of Reese Core, at December 31. 2018 has been properly adjusted except lor the income tax expense adjustment. Reese Corp. Trial Balance December 31, 2018 Cash Dr. $775.000 2,695,000 2,085,000 7.566.000 Accounts receivable (net) Inventory Property, plant, and equipment (net) Accounts payable and accrued liabilities Income taxes payable Pension lability Common stock Additional paid-in capital Retained earnings, 1/1/18 Net sales and other revenues Costs and expenses Income tax expenses $ 1,701,000 654,000 85.000 2,350,000 3,680.000 3,450,000 13,560,000 11,180,000 L179.000 $25,480.000 $25.480.000 Other financial data for the vear ended December 31, 2018 Included in accounts receivable is $1,200,000 due from a customer and payable in quarterly installments of $150,000. The last payment is due December 29. 2020. The balance in the Pension Liability account pertains to all employees for their future retirement, however $20,000 of the pension will be pald next year to an enmployee wha retired at the end of this year. During the year, tax payments of $525,000 due to the government were recorded as income tax expense instead. The current tax rate on all types of income is 30%. In Reese's December 31, 2018 balance sheet, The current assets total is a. $6,080,000. b. $4,955,000. C. $5,405,000. $5,555,000. 5. The current liabilities total is a. $1,850,000. b. $1,915,000. c. $2,375,000. A $2,440,000. 6. The final (corrected) retained earnings balance is a. $4,651,000. b. $4,736,000. A $5,176,000. d. $5,105,000

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