SE3-11. Prepare Closing Entries Using the Income Summary Account Use the data from SE3-8 to pre- LO7 (Appendix 3 pare the closing entries for The Century Company. Close the temporary accounts to income sum- mary. The balance of S8,500 in the retained earnings account is from the beginning of the year What is the ending retained earnings balance after posting the closing entries? SE3-8. Prepare an Income Statement from an Adjusted Trial Balance The Century Company's ad- LO5 justed trial balance contains the following balances as of December 31: Retained Earnings $8,500: Dividends $2,000; Sales $20,000; Cost of Goods Sold $8,000: Selling and Administrative Expenses $3,000; Interest Expense $1,500. Prepare an income statement for the year