5 Akita International Corporation (referred to as "AIC") uses the periodic inventory accounting system. The adjusted trial balance of the AIC at the end of December 31, 2019, follows. Question 1 Journalize the required closing entries at December 21,2019. Assume ending Merchandise Inventory is $53,000. Question Question 2 Determine the ending balance of Retained Earnings. Akita Internaional Corporation Adjusted Trial Balance December 31, 2019 Balance Account Title Cash Debit Credit 3,700 Accounts Receivable 15,700 Merchadise Inventory (beginning) 44,700 Office Supplies 8,800 Equipment 59,900 Accumulated Depreciation Equipment 19,900 Accounts Payable 12,000 Salaries Payable 1,000 Notes Payable, long-term 11,900 Common Stock 24,000 Retained Earnings 27,500 Dividends 60,700 Sales Revenue 330,000 Sales Returns and Allowances 1,900 Sales Discounts 2,100 Interest Income 3,200 Purchases 274,600 Purchases Returns and allowances 94,200 Purchase Discounts 8,000 Selling Expenses 38,700 Administrative Expense 20,900 Total 531.700 531,700