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(d) Prepare closing entries. Account Name DEBIT CREDIT December 1 Preferred Shares 54.000 June 30 Shares of $500 Common stock October 31 Revenue $462 500

(d) Prepare closing entries. Account Name DEBIT CREDIT December 1 Preferred Shares 54.000 June 30 Shares of $500 Common stock October 31 Revenue $462 500 October 31 Operating $370.000 Expenses October 31 Income Tax $92.500

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