E3-39. Preparing Financial Statements and Closing Procedures Solomon Corporation ·s adjusted trial balance for the year ending December 31, 2018. is: SOLOMON CORPORATION Adjusted Trial Balance December 31. 2018 Cash ...•.•..••..•....•.•.•......•••..•....••••..•......•... Accounts receivable .......................................... . Equipment ................................................. . Accumulated depreciation •••........•••.••.•..••••..•....•.••.. Notes payable ..••.•....•.•........•••.••.•.•••••..•....•.••.. Common stock ....•.....•..•................................. Retained earnings .•....•.•........•••.••.•..••••..•....•.••.. Service lees revenue ......................................... . Rent expense ............................................... . Salaries expense ............................................ . Depreciation expense ......................................... . Totals •.•.•..••..•....•.•........••••••.•..••••..•. , • • • • • • • • Debit $ 4,000 6,500 78,000 18,000 37,100 7,000 $150,600 Credit S 14,000 10,000 43,000 12,600 71,000 $150,600

a. Prepare its income statement and statement of stockholders' equity for the current year. and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases.

b. Prepare entries to close its temporary accounts in journal entry form.

c. Set up T-accouncs for each of the ledger accounts. emer the balances above, and post the closing entries to them. After these entries are posted. what is the post-closing balance of the Retained Earnings account?