The adjusted trial balance of The (IAP. Inc., dated February 2, 2008, contains the following selected accounts,

Prepare entries to close these accounts in journal entry form. Set up T-accounts for each of the ledger accounts and post the entries to them. After these entries are posted, what is the balance of the Retained Earnings account?

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($ millions) Net Sales ... Cost of Goods Sold... Operating Expenses.. Interest income, net. Loss from Discontinued Operation.... Income Tax Expense Retained Earnings. Debit Credit $15,763 $10,071 4,377 91 34 539 8,390