Prepare Closing Entries Using the Income Summary Account. Close the temporary accounts to income summary. The balance of $8,500 in the retained earnings account is from the beginning of the year. What is the ending retained earnings balance after the closing entries?

Company
	Income Statement for the year ending December 31
			Debit		Credit
Retained Earnings					8,500
Dividends			2,000
Sales					20,000
Cost of Goods Sold			8,000
Selling and Administrative Expenses			3,000
Interest Expense			1,500
Total Expenses			14,500
					28,500
Net Income/Loss		14,000