Riggs Company had revenues of $540,000 and expenses of $500,000 during fiscal year ended June 30,...

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Riggs Company had revenues of $540,000 and expenses of $500,000 during fiscal year ended June 30, 2022. The company also declared and paid dividends to shareholders in the amount of $15,000. Prepare the necessary closing entries, and prepare the complete t-account for retained earnings for the year, assuming a beginning balance of $20,000. Riggs Company had revenues of $540,000 and expenses of $500,000 during fiscal year ended June 30, 2022. The company also declared and paid dividends to shareholders in the amount of $15,000. Prepare the necessary closing entries, and prepare the complete t-account for retained earnings for the year, assuming a beginning balance of $20,000.