13. The bookkeeper for City Rentals closed the books before the accountant had a chance to prepare the financial statements. Use the bookkeeper's closing entries to prepare, in the proper format, a statement of retained earnings for the year ended December 31, the current year, which is the first year of operations for this company. Assume that the beginning balance for Retained Earnings is zero. Closing Entries: Dec. 31 Name Account Sales Revenue 125,000 Rent Revenue 22,000 Retained Earnings 147,000 Retained Earnings 78,400 Salaries and Wages Expense 45,000 Rent Expense 18,000 Utilities Expense 9,200 Supplies Expense 1,000 Page Insurance Expense 5,200 Retained Earnings 22,000 Dividends 22,000