1. Prepare the closing entries for North Shore Enterprises at December 31, 2021. How much net income did North Shore Enterprises earn during 2021? Prepare a T-account for Retained Earnings to show the December 31, 2021, balance of Retained Earnings. Cost of services sold Accumulated depreciation Selling, general, and administrative expenses Retained earnings, December 31, 2020 $ 14,300 Service revenue 41,500 Depreciation expense Other revenue $ 31,500 4,700 700 200 500 2,800 Income tax payable 1,000 6,100 Dividends declared Income tax expense