2. The income statement for the year 2017 of Poole Co. contains the following information: At January 1, 2017, Poole reported Retained Earnings of $100,000. Dividends for the year totaled $20,000.Please try to finish the closing process at the end of 2017 for Poole Co.

Revenues $180, 000 Expenses : Salaries and Wages Expense $90 ,000 Rent Expense 32 ,000 Advertising Expense 12, 000 Supplies Expense 12 , 000 Utilities Expense 5,000 Insurance Expense 4,000 Total expenses 155 , 000 Net income (loss) $25000