Below is tees balance sheet as of January 31, 2022 (i.e., at the end of the prior fiscal period, which is also the beginning of the current period). These balances are also shown as beginning balances in the t-accounts (on the last two pages). There are no beginning balances for the income statement accounts because those accounts were closed out at the end of the prior period.

Balance Sheet As of January 31, 2022 In millions of $ `
ASSETS
Cash		$ 322
Accounts receivable		255
Inventory		2,289
Prepaid advertising		306
Total current assets		3,172
Property, plant and equipment, net		3,482
Other long-term assets		2,215
Total assets		$ 8,869
LIABILITIES & STOCKHOLDERS EQUITY
Accounts payable		$ 1,529
Salaries and benefits payable		383
Unearned revenue from gift cards		242
Other current liabilities		1,160
Total current liabilities		3,314
Long-term debt		2,956
Other long-term liabilities		2,018
Total liabilities		8,288
Common stock		3,283
Treasury stock		(50)
Retained earnings		(2,652)
Total stockholders equity		581
Total liabilities & stockholders equity		$ 8,869

Solve for the portions of the accounting cycle included in THIS document (i.e., the Income Statement, Statement of Retained Earnings, Balance Sheet and Closing Entries). Type answers directly into the appropriate spaces on the following pages and upload your file in Submissions.

Income Statement For the years ended January 31, 2023 and 2022 In millions of $
		Year ended Jan. 31, 2023		Year ended Jan. 31, 2022
Sales				$ 14,789
Cost of goods sold				9,344
Gross margin				5,445
Selling, general, & administrative expense				4,338
Depreciation expense				615
Operating income				492
Interest expense				246
Income before taxes				246
Income tax expense				68
Net income				$ 178

Statement of Retained Earnings For the years ended January 31, 2023 and 2022 In millions of $
		Year ended Jan. 31, 2023		Year ended Jan. 31, 2022
Beginning Retained earnings				$ (2,830)
Net income				178
Dividends				-
Ending Retained earnings				$ (2,652)

Balance Sheet As of January 31, 2023 and January 31, 2022 In millions of $ `
ASSETS		Jan. 31, 2023		Jan. 31, 2022
Cash				$ 322
Accounts receivable				255
Inventory				2,289
Prepaid advertising				306
Total current assets				3,172
Property, plant and equipment, net				3,482
Other long-term assets				2,215
Total assets				$ 8,869
LIABILITIES & STOCKHOLDERS EQUITY
Accounts payable				$ 1,529
Salaries and benefits payable				383
Unearned revenue from gift cards				242
Income tax payable				0
Interest payable				0
Other current liabilities				1,160
Total current liabilities				3,314
Long-term debt				2,956
Other long-term liabilities				2,018
Total liabilities				8,288
Common stock				3,283
Treasury stock				(50)
Retained earnings				(2,652)
Total stockholders equity				581
Total liabilities & stockholders equity				$ 8,869

CLOSING JOURNAL ENTRIES:Prepare tee's closing journal entries for the year ended Jan 31, 2023.

(Closing Entry 1) Close out Revenue & Expense accounts to Retained Earnings.

(Closing Entry 2) Close out Dividends to Retained Earnings.