5 Calculate the closing balance of the Retained Earnings if the following transaction accrues during the year. 1. The Company purchased a property for cash for $250 2. The Company purchased an inventory for $100. After 1 month the Company sold the inventory for $526 Opening Balance Share capital Share Retained Earnings Total premium 100 300 310 710 X Total Comprehensive Income (20) (20 Dividend Share issued 200 70 270 Closing Balance 300 370