prepare the closing entries. close the temporary accounts to income summary. The balance of $8,500 in retained earnings account is from the beginning of the year. What is the ending retained earnings balance after posting the closing entries?

Sales	$22,000
- Cost of goods sold	$8,000
Gross Profit	$14,000
- Selling and Admin Expenses	$3,000
- Interest Expense	$1,500
Net income before dividend	$9,500
- Dividend	$2,000
Net income	$7,500