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Question: 7 (10 Marks) During 2020, Swille Corporation had Sales of $225,000 and Operating Expenses of $123,000 and declared cash dividends of $14,000. Retained Earnings

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Question: 7 (10 Marks) During 2020, Swille Corporation had Sales of $225,000 and Operating Expenses of $123,000 and declared cash dividends of $14,000. Retained Earnings on January 1, 2020 was $110,000. Prepare closing entries on December 31, 2020. Calculate the balance in Retained Earnings on December 31, 2020

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