Problem 3: Preparing Closing Journal Entries 3M provides various products within the healthcare, industrial, and consumer goods industries. Selected financial information for the year ended year ended December 30, 2023, follows. $ Millions Credit Net Sales $32,681 Cost of Sales $18,477 Selling, general, and administrate 21,526 expenses, and other Interest expense, net 942 Income tax expense 2,691 Retained earnings at December 31, 2022 47,950 Assume the company has not yet closed any accounts to retained earnings. Prepare journal entries close the temporary accounts above. Set up the needed T-accounts, and post the closing entries. After these entries are posed, what is the balance of the retained earnings account