Presented below is the partial adjusted trial balance of NashvilleNets Inc. Required: Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance (show your work). Nashville Nets Inc. Adjusted Trial Balance December 31, 2018 De bit Credit Accounts Payable 11.000.000 Salaries and Wages Payable 200.000 Notes Payable - Due 7/31/19 1,100,000 Mortgage Payable - Due 12/31/2025 3,300,000 Common Stock, Par $ 0.10 1,000,000 APIC (Additional Pald in Capital in Excess of Par) 9,000,000 Retained Earnings 25,000,000 Dividends Paid $ 2,400,000 Sales 105,350,000 Sales Discounts S 1,250,000 Cost of Goods Sold (COGS) 41,950,000 Selling Expenses S 14,150,000 Administrative Expenses S 3,340,000 Rent Revenue 120,000 Loss on sale of equipment $ 50,000 Income Tax Expense s 21,580,000