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Mahmoud Manufacturing buys rugs to resell to customers. Mahmoud's December 31st T-Account halanrac hafara rarnrdina Tav Fvnance and tha clncina inu irnal antrl ara halnial Using the above information, Mahmoud first records his income tax expense, and then makes his closing entry. How much will Mahmoud debit or credit Retained Earnings for in his closing journal entry? Assume an income tax rate of 8% of net income before taxes. Use a negative number to represent a debit to Retained Earnings. Round your final answer to one decimal place. Okimoto Brewing Company takes out a $44,151 loan on August 1st. Okimoto will pay the loan back on January 31st of next year. The annual interest rate on the loan is 5%. Okimoto records interest expense on the last day of each month, but does not pay interest to the bank until the date the company pays back the loan. How much interest payable related to the loan will Okimoto report on its December 31st balance sheet? Round your final answer to two decimal places