Question 10 (8 points) On January 1, 2021, ACME Inc. had a balance of $276,300 in its Retained Earnings account. During the year, it declared $85,000 of cash dividends and paid $75,000. Its profit after tax in 2021 was $107,000, calculated as follows: Sales $383,000 Cost of goods sold $200,500 Selling expenses 53,000 Income tax expense 22,500 276,000 Profit $107,000 Required: 1. Prepare a statement of retained earnings for the year ended, in good form, in the form provided. (3 marks) 2. Prepare closing entries in the general journal provided. (5 marks) Paragraph B I UA 20 8 + v ...