Preparing and Analyzing Closing Entries - At December 31, the ledger of Aulani Company includes the following accounts, all having normal balances: Sales Revenue, $73,300; Cost of Goods Sold, $38,500; Retained Earnings, $20,000; Interest Expense, $3,200; Dividends (declared and paid), $5,000; Wages Expense, $8,000, and Interest Payable, $2,100. Required: 1. Prepare the closing entries for Aulani at December 31. If an amount box does not require an entry, leave it blank. Dec. 31 Dec. 31 Income Taxes Expense Dec. 31 Cost of Goods Sold Interest Expense Wages Expense 88 2. How does the closing process affect Aulani's retained earnings