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 $90,000, total liabilities of $27,000, and common stock of $45,000. The company's Year 1 income statement contained revenue of $16,000 and expenses of $9,000. The Year 1 statement of changes in stockholders' equity stated that $1,000 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 $20,000 by issuing additional common stock. Immediately after the additional capital was raised, Flowers reported total stockholders' equity of $83,000. 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 Earnir