Preparation of Closing Entries On January 1, Grand Rapids Consulting Inc. had a retained earnings balance of $39,900 and reported the following accounts and balances at year end: Sales Revenue $163,520 Supplies Expense $4,348 Salaries Expense 91,660 Income Taxes Expense 13,800 Rent Expense Utilities Expense Required: 10,850 8,415 Dividends (declared and paid) 8,400 1. Prepare the closing entries made by Grand Rapids Consulting at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Dec. 31 88 2. Prepare Grand Rapids Consulting's retained earnings statement. If an amount is zero, enter "0". Grand Rapids Consulting Inc. Retained Earnings Statement For the year ending December 31 Utilities Expense 8,415 Required: 1. Prepare the closing entries made by Grand Rapids Consulting at December 31. If an amount bo Dec. 31 Dec. 31 Dec. 31 38 2. Prepare Grand Rapids Consulting's retained earnings statement. If an amount is zero, enter "0". Grand Rapids Consulting Inc. Retained Earnings Statement For the year ending December 31