Pharoah Ltd. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its scal year end, October 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable $15,200 Interest expense $4,300 Cash dividendscommon 78,000 Notes payable 77,000 Common shares 100,000 Rent expense 30,000 Depreciation expense 32,600 Retained earnings (Nov. 1, 2020) 427,500 Dividends payable 19,000 Salaries expense 197,000 Income tax expense 32,380 Service revenue 433,000 Income tax payable 3,000 Unearned revenue 25,000 Insurance expense 7,200 All accounts have normal balances and total assets equal $726,000. Pharoah has a 20% income tax rate. \fPrepare a statement of retained earnings for the year. (List items that increase retained earnings first.) PHAROAH LTD. Statement of Retained Earnings V V $Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. if no entry is re select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31 (To close revenue account.) Oct. 31 (To close expense accounts.) Oct. 31 (To close Income Summary.) Oct. 31 Post the closing entries to the Income Summary and Retained Earnings accounts. (Post entries in the order of Journal entry presented in the previous part.) Date Explanation Ref. Debit Credit Balance Oct. 31 Closing entry J1 Oct. 31 Closing entry J1 Oct. 31 Closing entry J1 Retained Earnings Date Explanation Ref. Debit Credit Balance Oct. 31 Balance J Oct. 31 Closing entry J1 Oct. 31 Closing entry J1