/courses yorkvilleu.ca/Spring/BBA/BUSI_1043/ON-CAMPUS/Resources/BUSIX201043 Formative Unit Exercises.pdf Addoches B $ - + fit to page Pageview A Read aloud Question 3 1. Prepare the required closing entries for the following selected accounts from the records of Ship Transportation Inc. at December 31, 2016. $11,600 17,800 Cost of services sold Accumulated depreciation Selling general, and administrative expense Retained earnings, December 31, 2015 1,900 23,600 4.100 Depreciation expense Other revenue Income tax expense Dividends Income tax payable .CA www YORKVILLE 2. How much net income did Shipit Transportation Inc. earn during the year ended December 31 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings