Exercise 1-23A (Algo) Retained earnings and the closing process LO 1.9 As of December 31, Year 1, Flowers Company had total assets of $160,000, total liabilities of $48,000, and common stock of $80,000. The company's Year 1 income statement contained revenue of $28,000 and expenses of $17,000. The Year 1 statement of changes in stockholders' equity stated that $2,600 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 1. b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 1. c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 1. f. On January 1, Year 2, Flowers Company raised $46,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $158,000. Are the stockholders of Flowers in a better financial position than they were on December 31, Year 1? Complete this question by entering your answers in the tabs below. Determine the before-closing balance and the after-closing balance in the Retained Earnings account on December 31, Year 1