Post the entries to the retained earnings account assuming the balance in that account on December 31,2013, was $366,000

For the year ended December 31, 2014, Huron Lake Enterprises Ltd. had the following revenues and expenses: Sales, $713,000; Cost of Goods Sold, 5433,000; Operating Expenses, $150,000; and Income Tax Expense, $40,000. The company also declared $20,000 of dividends to the common shareholders on each of June 30 and December 31. The dividend declared on December 31 will be paid on January 10, 2015 () Your answer is correct. Prepare closing entries. (Credit account titles are automatically indented when the amount is enteret. Do not indent manually. If no entry is required, select "We Entry for the account tities and enter for the amounts) Date Account Titles and Explanation D Credit DHE T13000 713000 Income Summary (o dos revenue a Dec. Summary 123000 Cost of Goods Sold 13000 Operating Expert 150000 10000 Income Taxe ( To do pesco Polior 2000-2022 Woninc. Al Rights Reserved. Division of an Wyoming Version 2.211 Date Account Titles and Explanation Debit Credit Dec. 31 Sales 713000 > 713000 Income Summary (To close revenue account) Dec. 31 Income Summary 623000 Cost of Goods Sold 433000 Operating Expenses 150000 40000 Income Tax Expense (To close expense account) Dec. 31 Income Summary 90000 Retained Earnings (To close income summary account) 90000 Dec. 31 Retained Earnings 40000 Cash Dividends - Comn (To close retained earnings account) 40000 (1) Post the entries to the retained Earnings account numing the balance in that account on December 31, 2013, was $306,000,(Post entries in the order of journal entries presented in the previous part) Retained Earnings Click if you would like to show Work for this questions on Show Work Attempts: 0 of 15 used SAVE FOR LATER SUBMIT ANSWER Version 4.24.21 John W Son