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A partial worksheet for Richman Law Firm is presented below. Solve for the missing information. IIIt (Click the icon to view the partial worksheet.) Begin

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A partial worksheet for Richman Law Firm is presented below. Solve for the missing information. IIIt (Click the icon to view the partial worksheet.) Begin by solving the missing information for the account bite and income statement columns, then solve for the missing information in the Data table Lee Insurance Agency started the year with a beginning Retained Earnings balance of $30,000. During the year, Lee Insurance Agency earned $40,000 of Service Revenue and incurred $21,000 of various expenses. Dividends of $15,000 from the business were paid to stockholders. After the closing entries are recorded and posted, what will be the balance of Retained Earnings? Post the beginning balance and closing entry amounts to the Retained Earnings account. Use a "Bal." posting reference to show the beginning and ending balance of the Retained Earnings account. Use a "Clos." posting reference to show the amounts that are posted while closing the books. The revenue and expense amounts should be combined into one closing entry for net income (like you are closing the Income Summary account)

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