EX 4-16 Closing entries with net income After all revenue and expense accounts have been closed at the end of the fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600 and Dividends has a balance of $125,000 (A) Journalize the entries required to complete the closing of the accounts (B) Determine the amount of Retained Earnings at the end of the period. Obj. 3