After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600, and Dividends has a balance of $125,000. Required:

B. Determine the amount of Retained Earnings at the end of the period.

A. Journalize the entries required to complete the closing of the accounts on December 31. Refer to the Chart of Accounts for exact wording of account titles. How does grading work? PAGE 11 JOURNAL Score: 47/51 ACCOUNTING EQUATION DATE DESCRIPTION POST. REF DEBIT CREDIT ASSETS LIABILITIES EQUITY Closing Entries Dec. 31 Retained Earnings 125,000.00 Dividends 125,000.00 Dec. 31 Income Summary 550.00 Retained Earnings 550.00