Prepare closing entries for Bagley Consulting Company. What is the net income for this accounting period? What is the balance of retained earnings after the closing? BAGLEY CONSULTING COMPANY Adjusted Trial Balance Account Title Debits Credits Cash $4,550 Accounts receivable 8,500 Prepaid insurance 1,750 Land 230,000 Buildings & Equipment 169,500 Accumulated depreciationbuildings & Equipment $79,350 Accounts payable 29,900 Salaries and wages payable 1,400 Deferred rent revenue 950 Common stock 250,000 Retained earnings 48,300 Sales revenue 86,500 Interest revenue 4,800 Rent revenue 5,050 Salaries and wages expense 36,400 Depreciation expense 11,550 Insurance expense 1,750 Utility expense 22,700 Maintenance expense 19,550 Totals $506,250 $506,250