Olympie Corporatio Adjusted Trial Ralance November 36, 201 Debis Credit 40000 Prepaid Land 79.000 7,000 125,000 347,000 17,000 21,000 88,000 29,250 pment payable 60,000 12,000 18,000 25,000 100,000 250,000 130,250 Note payable-due in 4 years Common shares Retained earnings - beginning of the year Sales Revenue 420,000 19.750 Cost of goods sold Operating expenses Depreciation expense Interest expense income tax expense 285,600 137,000 5,000 3.400 SL252250 SL25220 Instructions: a) Assuming no dividends were paid in the fiscal year, determine the: 1. 2. 3. net income (loss). current assets. total assets. 4. shareholders' equity. 5. gross profit. 6. current liabilities. b) Prepare any closing entries required. For the purpose of part b)only, assume dividends declared and paid in 2016 are $19,000