Metlock Inc. has recorded all necessary adjusting entries, except for income tax expense, at its fiscal year end, July 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Cost of goods sold Dividends payable Income tax expense Income tax payable $22,000 60,000 219,000 301,000 14,600 26,000 3,200 Interest expense Notes payable Retained earnings (Aug. 1, 2020) Salaries expense Sales Supplies expense Unearned revenue $4,000 104,500 328,200 138,500 662,000 11,000 12,000 All accounts have normal balances and total assets equal $825,000. Metlock has a 20% income tax rate. Prepare a statement of retained earnings. (List items that increase retained earnings first.) METLOCK INC. Statement of Retained Earnings Year Ended July 31, 2021 Balance, August 1, 2020 ta 328200 Add A : Profit/(Loss) 166000 494200 Less A Cash Dividends 60000 Balance, July 31 434200 Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Date Account Titles and Explanation Debit Credit July 31 (To close revenue account.) July 31 (To close expense accounts.) July 31 (To close Income Summary.) July 31 (To close dividends.)