After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of \(\$ 218,380\) and a credit of \(\$ 375,000\). At the same date, Retained Earnings has a credit balance of \(\$ 479,100\), and Dividends has a balance of \(\$ 18,000\).

(a) Journalize the entries required to complete the closing of the accounts.

(b) Determine the amount of Retained Earnings at the end of the period.

objs. 2,3