Exercise 1-23A Retained earnings and the closing process LO 1-9 As of December 31, Year 1. Flowers Company had total assets of $60,000, total liabilitles of $18,000, and common stock of $30,000. The company's Year 1 Income statement contained revenue of $10,000 and expenses or $6,000. The Year 1 statement of changes in stockholders' equity stated that $700 or 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, ond Dividend accounts on December 31, Year 1 Complete this question by entering your answers in the tabs below. Req A and B Reg C and D Determine the before-closing balance and the after-closing balance in the Retained Earnings account on December 31, Year 1. a Retained earnings before closing b. Retained earnings after closing $ 75 12.00 12,000