question 11

On January 1, 2021, Dosset Corporation had a balance of $276,300 in its Retained Earnings account. During the year, it declared $85,000 of cash dividends and paid $65,000. Its profit after tax in 2021 was $107,000, calculated as follows: $383,000 Sales Cost of goods sold Selling expenses Income tax expense Profit $200,500 53,000 22,500 276,000 $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