INTERPRETING CLOSING ENTRIES. Barnes Building Systems made the fol- lowing closing entries at the end of a recent year:lol

REQUIRED:
1. What was Barnes’ net income?
2. By how much did Barnes’ retained earnings change?
3. If the sales revenue identified in entry c was Barnes’ only revenue, what was the total amount of Barnes’ expenses?

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a) Income Summary Retained Earnings b) Retained Earnings Dividends c) Sales Revenue d) Income Summary Income Summary Interest Expense 84,300 84,300 35,000 35,000 64,250,700 64,250,700 104,100 104,100