3) Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. Accounts Receivable Accumulated Amortization Amortization Expense Cash Common Shares Computers & Equipment Interest Expense Interest Revenue $85,000 18,000 18,000 113,000 50,000 74,800 12,800 8,500 Other Expenses Retained Earnings Salaries Expense Salaries Payable Service Revenue Supplies Unearned Revenue $145,900 68,400 245,000 3,400 336,000 5,600 5,400 Required: 1. Prepare the appropriate closing entries for the December 31 year-end. 2. What is the balance in the Retained Earnings account after the closing entries have been completed?

Funk Ltd.'s new accounting intern prepared their adjusted trial balance in alphabetical order. All accounts have their normal balances. Required: 1. Prepare the appropriate closing entries for the December 31 year-end. 2. What is the balance in the Retained Earnings account after the closing entries have been completed