On January 1, 2021, Dorset Corporation had a balance of $286,700 in its Retained Earnings account. During the year, it declared $80,000 of cash dividends and paid $55,000. Its profit after tax in 2021 was $109,000, calculated as follows: $415,000 Sales Cost of goods sold Selling expenses Income tax expense Profit $212,500 65,000 28.500 306.000 $109,000 Required: 1. Prepare a statement of retained earnings for the year ended, in good form, in the form provided (3 marks) 2. Prepare closing entries in the general journal provided