INFERENCES FROM CLOSING ENTRIES. At the end of 19x6, Grand Rapids Consulting, Inc., made the following entries to close all revenue and expense accounts to the income summary account: lol

Grand Rapids Consulting began 19x6 with a retained earnings balance of $38,100.
During 19x6, the company declared and paid dividends that total $16,400.
REQUIRED:
1. Prepare any additional closing entries made by Grand Rapids Consulting at the end of 19x6.
2. Prepare Grand Rapids Consulting’s statement of changes in retained earnings for 19x6.

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Service Revenue 155,000 Income Summary 155,000 Income Summary 122,400 Salaries Expense 83,000 Rent Expense 15,000 Utilities Expense 7,900 Office Supplies Expense 4,200 Income Taxes Expense 12,300