Abbins Company Income Statement For year ended 12/31/Year 3 Service revenue Interest revenue Total Revenues Utilities expense Depreciation expense Rent expense Total expenses Net Income $12,000 1,000 $13,000 500 1,000 3,000 $4,500 $8,500 The company paid a $4,000 dividend during the year. The balance in retained earnings prior to closing is $15,000. Required: Create the compound closing entry for Abbins Co. Account Titles Debits Credits Calculate the balance in retained earnings after closing entries are posted to the General Ledger. Beginning balance in RE $ + Net Income - Dividends Ending RE