For the year ended December 31, 2014, Huron Lake Enterprises Ltd had the following revenues and expenses: Sales $745,000; COGS $450,000; Operating Expenses $135,000; and Income Tax Expense $35,000. The company also declared $25,000 of dividends to the common shareholders on each of June 30th and December 31st. The dividend declared on December 31 will be paid on January 10, 2015. (a) Prepare closing entries. [8] (b) Post the entries to the Retained Earnings account assuming the balance in that account on December 31, 2013, was $382,000. [4]