Palace Company, Inc. reports Sales Revenue of $1,300,000, Operating Expenses of $450,000, Salaries Expense of $250,000, Insurance Expense of $100,000, and Rent Expense of $150,000. The entries to close Palace's accounts to Retained Earnings will include: a credit for $1,300,000 and debits of $950,000. a $350,000 Appropriation of Retained Earnings. a debit to Retained Earnings of $350,000. a debit for $1,300,000 and credits for $950,000