Prepare the closing entries from the following selected accounts from the records of Wolf Enterprises at December 31, 2016:

How much net income did Wolf Enterprises earn during 2016? Prepare a T-account for Retained Earnings to show to show the December 31, 2016, balance of Retained Earnings.

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4,600 200 300 300 700 Accumulated depreciation. 40,800 Depreciation expense. Selling, general, and Other revenue .. administrative expenses..6,300 Dividends declared.. Retained earnings, Income tax expense... December 31, 2015. 2,400 Income tax payable