INTERPRETING CLOSING ENTRIES Barnes Building Systems made the following closing entries at the end of a recent year:

a. Income Summary 384,300 Retained Earnings 384,300

b. Retained Earnings 35,000 Dividends 35,000

c. Sales Revenue 425,700 Income Summary 425,700

d. Income Summary 104,100 Interest Expense 104,100 Required:

. What was Barnes’s net income?

. By how much did Barnes’s retained earnings change?

. If the sales revenue identified in entry c was Barnes’s only revenue, what was the total amount of Barnes’s expenses?

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