SO Iransaction Analysis, Closing Entries, and the Statement of Retained Earnings The following information was obtained from the chart of accounts for The Rusty Nail Inc., a chain of bars: Cash $229,000 Common Stock $1,750,000 Utilities Exp. $63,000 Inventory $228,000 PIC - Common Stock $172,000 Dividends Bar Supplies $25,000 Retained Earnings $30,000 Fumiture $218,000 Sales Revenue $1,090,000 Equipment $1,502,000 Cost of Goods Sold $585,000 Accounts Payable $30,000 Rent Expense $100,000 Notes Payable $128,000 Salaries Expense $250,000 1. Input the above account balances in an expanded accounting equation. Update the worksheet showing the following transactions: a. April 22, Issued 1,200 shares of common stock with a par value of $1 for $20 per share. b. Paid a cash dividend of $50,000. C. Close the revenue, expense, and dividend accounts to retained earnings. 2. Prepare a statement of retained earnings for The Rusty Nail Inc. for April 30, 2xx. 3. Determine total paid in capital and total equity