Please solve a b and c and explain.

On the chart:

*Opening retained earnings were $154000.Dividents of $10,000 were declared and paid during the year.

**Represents the amount of supplies on hand at the end of December 31, 2022.

Solve: a) Prepare closing entries for the year ended December 31, 2022.

b) Calculate retained earnings as of December 31, 2022.

c) Prepare a properly formatted statement of financial position as at December 31, 2022.

Question 4 (10 points) Hawks Tech Ltd. is an online retailer of technology products. The following represents the fully adjusted trial balance of Hawks Tech Ltd. at December 31, 2022 before the closing entries for the year ended December 31, 2022: Debit Credit Accounts receivable 40,000 Accounts payable 80,000 Accumulated depreciation: Equipment 40,000 Administrative expenses 8,000 Bank loan payable (due November 2023) 90,000 Cash 60,000 Contributed capital 120,000 Cost of sales 220,000 Deferred revenue (goods to be delivered in 2023) 40,000 Delivery expense 10,000 Depreciation expense 10,000 Equipment 310,000 Income tax expense 40,000 Intangibles 30,000 Interest expenses 14,000 Interest revenue 2,000 Inventory 120,000 Note receivable (due December 2023) 90,000 Note payable (due October 2024) 120,000 Prepaid expenses 42,000 Rental expenses 12,000 Retained earnings 144,000* Sales revenue 400,000 20,000 Selling expenses Supplies 10,000** TOTAL 1,036,000 1,036,000