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on give 3-31 Closing Accounts and Preparing Financial Statements Bonfiglio Company imports art and artifacts from Italy and Spain and sells the retained earnings; there is no way to separate the two W VE 5 Gallery in London. At the end of 20X2 Bonfiglio had the following trial balance i its 44,000 23,000 75,000 121.000 Accounts receivable Fixed assets, net Accounts payable Paid-in capital Retained earnings, Jan. 1, 20x2 s 36,000 90,000 92.000 345,000 . Ap 165,000 135,000 563,000 Cost of sales Operating expenses 563,000 I. Prepare closing journal entries for Bonfiglio Company. 2 Prepare an income statement for 20X2 and a balance sheet for December 31,20X2. 3-35 Cor 3-32 Effects of FrrOr