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Financial Statements and Closing Entries Outside, Inc. publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31. Required

Financial Statements and Closing Entries Outside, Inc. publishes magazines for skiers and hikers. The firm has the following adjusted trial balance at December 31. Required a. Prepare an income statement and a balance sheet as of December 31. b. Prepare closing entries directly to Retained Earnings in general journal form

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