Murphy Company had the following adjusted trial balance: 1 Credit Account Titles Cash Debit $23,620 Accounts Receivable 16,280 Supplies 8,780 41,800 Equipment Accumulated Depreciation $8,800 Accounts Payable 4,050 Deferred Rent Revenue 2,160 Capital Stock Retained Earnings Dividends 34,470 22,500 16,300 49,800 7,400 Commission Revenue Rent Revenue Depreciation Expense Utilities Expense Supplies Expense 7,900 8,700 5,800 $ 129,180 Total $129,180 The president of Murphy Company has asked you to close the books (prepare and process the closing entries). Required: After the closing process has been completed, answer the following questions: SO During the closing process, what amount was transferred from the income summary account to the Retained Earnings account in the third closing entry (l.e., after revenue and expense accounts have been closed to Income Summary)? What is the balance in the Retained Earnings account? What is the balance in the depreciation expense account? SO 5