Exercise 3-59 (Algorithmic) Preparation of Closing Entries Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $31,300 and has the following accounts and balances at year end: Sales Revenue Salaries Expense Rent Expense Utilities Expense Supplies Expense Income Taxes Expense $163,020 91,660 12,050 8,415 4,348 13,800 8,400 Dividends (declared and paid) Required: 1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2019. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 (Close revenue accounts). (Close expense accounts) eBook Show Me How Dec. 31 (Close expense accounts) Dec. 31 (Close Income Summary) 00000 (Close Dividends account) 2. Prepare Grand Rapids Consulting's retained earnings statement for 2019. Grand Rapids Consulting Inc. Retained Earnings Statement For the Year Ended December 31, 2019