Ex 3-Retained Earnings The Net Income (Net Loss) that is not given back to the Owners (Stockholders). a) The Adjusted Income Statement accounts for this corporation this year are shown below. They all have their "normal" balances. Journalize the first Closing Entry. Fees Earned 950,000 Salary Expenses 180,000 Rent Expense 50,000 Account Name Insurance Expense 15,000 Depreciation Expense 5,000 Income Tax Expense 17,500 Debit Credit b) If there were 72,000 shares of outstanding Common Stock and no Preferred Stock, calculate the Earnings per Share (EPS)? (round to the nearest cent) c) The Board of Directors declared and the Corporation paid a Cash Dividend of $2.00/share on the 72,000 shares of $10 par Common Stock outstanding. The stock was trading on the market for $40/share. Declared Account Name Debit Credit Record Paid d) The Board of Directors declared a 5% Stock Dividend at a time when there were 72,000 shares of $10 par Common Stock outstanding. The stock was trading on the market for $40/share. The corporation issued the stock. Declared Account Name: Debit Credit * Record Issued * e) A couple of months later when the stock was selling for $45/share, journalize the entry if the company sells 5,000 shares of Treasury Stock. Account Name Debit Credit