Consider the following selected accounts from the records of PerezPerez Enterprises at December 31, 20212021: LOADING... (Click the icon to view the selected accounts and balances.) Read the requirement LOADING... . Question content area bottom Part 1 Begin by preparing the closing entries for PerezPerez Enterprises. Record the entry to close out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit (1) Dec 31 Cost of services sold $14,200 Service revenue $32,300 Accumulated depreciation 41,500 Depreciation expense 4,900 Selling, general, and Other revenue 300 administrative expenses 6,500 Dividends declared 700 Retained earnings, Income tax expense 700 December 31, 2020 2,600 Income tax payable 1,000 . Prepare the closing entries for PerezPerez Enterprises at December 31, 20212021. How much net income did PerezPerez Enterprises earn during 20212021? Prepare a T-account for Retained Earnings to show the December 31, 20212021, balance of Retained Earnings.Company reported these ratios at December 31, 20212021 (dollar amounts in millions): Current ratio equals StartFraction $ 20 Over $ 10 EndFraction equals 2.00Current ratio = $20 $10=2.00 Debt ratio equals StartFraction $ 20 Over $ 50 EndFraction equals 0.40Debt ratio = $20 $50 = 0.40