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High Step had annual revenues of $196,000, expenses of $109,200, and dividends of $22,400 during the current yearThe retained earnings account before closing had a
High Step had annual revenues of $196,000, expenses of $109,200, and dividends of $22,400 during the current yearThe retained earnings account before closing had a balance of $308,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closedis:
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