QUESTION: a) Complete closing entries for 2020 Income Statement

b) Create 2021 Income Statement

Credit Debit $ 718 $ 200 $ 363 $ 792 $ 170 $ 4,767 $ 375 $ $ $ 143 710 99 $ 30 $ 182 $ 5 2020 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation Long-term investments Goodwill Intangible assets Accumulated amortization of intangible assets Other assets Short-term notes payable Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term notes payable Other long-term liabilities Common Stock Treasury Stock Retained earnings (beginning of year) Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Interest expense Investment and other income Income tax expense 473 $ 487 $ 40 $ 627 $ 65 $ 1,342 $ 3,194 $ 1,214 $ 2,017 $ 40 $ 16,184 $ 10,415 $ 4,632 $ 68 $ 75 $ 401 $ 24,914 $ 24,914 Credit Debit $ 772 225 $ 691 $ 655 $ 132 $ 5,867 500 $ $ 193 710 99 $ 40 $ 199 $ 10 2021 Trial Balance Account Title Cash and cash equivalents Short-term investments Accounts receivable Merchandise inventories Prepaid expenses and other current assets Property and Equipment Accumulated depreciation Long-term investments Goodwill Intangible assets Accumulated amortization of intangible assets Other assets Short-term notes payable Accounts payable Accrued payroll, bonus and other benefits due team members Dividends payable Other current liabilities Long-term notes payable Other long-term liabilities Common Stock Treasury Stock Retained earnings Dividends Sales Cost of Goods Sold Selling, general and administrative expenses Interest expense Investment and other income Income tax expense $ $ 493 513 $ 40 $ 510 $ 78 $ 1,603 $ 3,513 $ 1,275 $ 2,720 $ 40 $ 16,589 $ 10,727 $ 4,771 $ 15 $ 41 $ 279 $ 26,650 $ 26,650 Additional Information: The company purchased new equipment for $1,100, but there were no disposals of property/equipment. The company purchased $75 in new investments (including both short and long-term), and sold no investments during the year. The company made payments of $7 on its notes payable, and incurred a new notes payable of $25. The company made no payments on its long-term liabilities. Any change in this account reflects new long-term liabilities incurred. The company sold stock during the year, and there were no additional transactions affecting the common stock account. The company purchased treasury stock during the year, and there were no additional transactions affecting the treasury stock account. The company paid dividends of $40 in 2021. The company invested in other assets during 2021