Exercise 3-59 (Algorithmic) Prparation of Closing Entries Grand Rapids Consulting Inc. began 2019 with a retained earnings balance of $36,400 and has the following accounts and balances at year end: Sales Revenue $162,620 Salaries Expense 91,660 Rent Expense 10,550 Utilities Expense 8,415 Supplies Expense 4,348 Income Taxes Expense 13,800 Dividends (declared and paid) 8,400 1. Prepare the dosing 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 (Close revenue accounts) Dec. 31 1 111111 111111 (Close expense accounts) Dec. 31 (Close Income Summary) Dec. 31 in (Close expense accounts) Dec. 31 (Close Income Summary) Dec. 31 (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