E5B-32 Journalizing closing entries-periodic inventory system Learning Appendi Ocean Life Boat Supply uses the periodic inventory method. The adjusted trial balance of Ocean Life Boat Supply at December 31, 2018, follows: 2. Ending Balance $ OCEAN LIFE BOAT SUPPLY Adjusted Trial Balance December 31, 2018 Balance Debit Credit Account Title Cash Accounts Receivable Merchandise Inventory (beginning) Office Supplies Equipment Accumulated Depreciation- Equipment Accounts Payable Salaries Payable Notes Payable, long-ternm Common Stock Retained Earnings Dividends Sales Revenue Interest Revenue Purchases Purchase Returns and Allowances Purchase Discounts Selling Expense Administrative Expense Total $ 4,200 15,100 44,500 8,300 59,300 $ 19,800 12,600 1,600 11,100 25,000 34,100 60,600 315,800 3,400 274,500 94,600 9,000 38,600 21,900 $ 527,000 Requirements 1. Journalize the required closing entries at December 31, 2018. Assume ending Merchandise Inventory is $54,300. 2. Set up T-accounts for Income Summary; Retained Earnings; and Dividends. Post the closing entries to the T-accounts, and calculate their ending balances. 3. How much was Ocean Life's net income or net loss