Boogz Corp.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances.
Accounts Receivable ........................ $ 56,000
Accumulated Amortization ................. 14,000
Amortization Expense ....................... 40,800
Cash ........................................... 112,000
Common Shares .............................. 50,000
Computers & Equipment .................... 74,800
Interest Expense .............................. 8,800
Interest Revenue .............................. 5,800
Other Expenses ................................ $ 35,400
Retained Earnings ............................. 68,400
Salaries Expense ............................... 170,000
Salaries Payable ................................ 3,400
Service Revenue .............................. 356,400
Supplies ........................................ 5,600
Unearned Revenues ........................... 5,400
Required
1. Prepare the appropriate closing entries for the January 31 year end.
2. What is the balance in the Retained Earnings account after the closing entries have been completed?