(i) The company's comparative balance sheet (showing all accounts except the equity accounts which have been intentionally omitted):

(ii) The company's 12/31/2020 income statement:

Consider the above information and consider further that during 2020 Carson declared $50,000 in dividends and welcomed a new owner in to the organization.

Using the approach learned in class, select the answer below that correctly shows an entry that Carson will make at the end of 2020 as part of the company's closing process.

A.

Dividends		50,000
Cash			50,000

B.

None of the answer choices provided are correct.

C.

Dividend Payable		50,000
Income Summary			50,000

D.

Retained Earnings		50,000
Income Summary			50,000

E.

Retained Earnings		50,000
Dividends			50,000

F.

Retained Earnings		50,000
Cash			50,000