As of December 31, Year 2, Blue Haven Company had total assets of $100,000, total liabilities of $30,000, and common stock of $50,000. The company’s Year 2 Income Statement contained revenue of $16,000 and expenses of $11,000. The Year 2 Statement of Changes in Stockholders’ Equity stated that $2,000 of dividends were paid to investors.

Required:

1. Determine the before-closing balance in the Retained Earnings account on December 31, Year 2.
2. Determine the after-closing balance in the Retained Earnings account on December 31, Year 2.
3. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 2.
4. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 2.