Campbell Soup Information from the 2005 income statement for Campbell Soup Company is shown below.

Using the information from the income statement, perform the following:
1. Prepare the entries made by Campbell to close the 2005 revenue and expense accounts to Retained Earnings.
2. Campbell Soup paid dividends of $280 million in 2005. Provide the entry made to close the dividends account to Retained Earnings.
3. If the beginning balance in Campbell’s Retained Earnings was $5,642 million, what would the ending balance be after the above closing entries have been posted?

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(in millions, except per-share amounts) 2005 2004 2003 Net Sales $7,548 $7,109 $6,678 Costs and expenses Cost of products sold 4,491 4,187 3,805 Marketing and selling expenses 1,185 1,153 1,145 Administrative expenses 571 542 507 Research and development expenses 95 93 88 Other expenses (4) (13) 59 Restructuring charge 32 Total costs and expenses 6,338 5,994 5,604 Earnings Before Interest and Taxes $1,210 $1,115 $1,074 Interest expense 184 174 186 Interest income 4 6 5 Earnings before taxes 1,030 947 893 Taxes on earnings 323 300 298 Net Earnings $ 707 $ 647 $ 595