Required: Prepare a clearly written set of instructions for each of the four areas the controller wants you to explain. The controller has provided some baseline information for you to incorporate into your instructions. You will be evaluated on how clear and complete the instructions are presented. The goal is for the accounting staff to fully understand the accounting (how and why) after reading your instructions. 1. Closing entries om $ Adjusted Trial Balance December 31, 2018 Debit Credit 1,000,000 9,000,000 25,000,000 2,400,000 105,350,000 1,250,000 41,950,000 14, 150,000 3,340,000 120,000 50,000 21,580,000 Common Stock, Par $ 0.10 APIC (Additional Paid in Capital in Excess of Par) Retained Earnings Dividends Paid Sales Sales Discounts Cost of Goods Sold (COGS) Selling Expenses Administrative Expenses Rent Revenue Loss on sale of equipment Income Tax Expense $ $ $ A A A $ $ Items to incorporate into your instruction manual for closing entries (including the partial trial balance provided above) are as follows: How does the accountant know that the Retained Earnings balance of $25 million is the balance as of the beginning of the year? Using the balances provided above, how could a quick addition/subtraction exercise on your calculator provide net income? How could the accountant calculate ending retained earnings without preparing the retained earnings statement? Explain the closing process utilizing the income summary account. Provide T accounts in your explanation along with the journal entries