Required: Using the above partial trial balance. Prepare the necessary closing entries using the Income Summary Account AND calculate the year-end retained earnings balance.

Problem 1 - 20 Points - Closing Entries $ TRetained Earnings Dividends Paid Sales Sales Discounts Sales Returns and Allowances Cost of Goods Sold (COGS) Selling Expenses Administrative Expenses Investment Revenue Rent Revenue Gain on sale of land Loss on sale of equipment Interest Expense LIncome Tax Expense Funds Forever Inc. Adjusted Trial Balance December 31, 2018 Debit Credit 32,500,000 5,000,000 125,000,000 15,000 39,000 44,650,000 13,800,000 3,250,000 25,000 110,000 325,000 20,000 33,000 30,353,000 $ $ $ L