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The adjusted trial balance of Ant Trap Corporation at December 31 shows that sales revenue for the year was $525,000 and other revenue was $55,000 corporation declared and paid dividends of $14,000 during the year. The balance of retained earnings before closing entries was $480,000. Read the requirements. 1. Prepare the closing entries for revenues, expenses, and dividends for the year. (Record debits first, then credits. Exclude explanations from any jourm Begin by recording the entry to close out the revenue accounts. Close out the expense accounts. Close out the Dividends account. 2. What was net income for the year? Select the formula and enter the amounts to determine net income for the year. 5,000 and other revenue was $55,000. Cost of goods sold for that same period was $290,000, while other expenses totaled $195,000. The g entries was $480,000. Exclude explanations from any joumal entries.) Requirements 1. Prepare the closing entries for revenues, expenses, and dividends for the year. 2. What was net income for the year? 3. What is the ending balance of retained earnings after the closing entries are posted? The adjusted trial balance of Ant Trap Corporation at December 31 shows that sales revenue for the year was $525,000 and other revenue was $55,000. Cost corporation declared and paid dividends of $14,000 during the year. The balance of retained earnings before closing entries was $480,000. Read the requirements De Close out the expense accounts. Close out the Dividends account. 2. What was net income for the year? Select the formula and enter the amounts to determine net income for the year: 3. What is the ending balance of retained eamings after the closing entries are posted? Select the formula and enter the amounts to determine the ending balance of retained earnings after the closing entries are posted. 1. Prepare the closing entries for revenues, expenses, and dividends for the year. (Record debits first, then credits. Excluc Begin by recording the entry to close out the revenue accounts. Read the roguirements. Dec 31 Close out the expense accounts. Journal Entry Total Expenses ear? Total Revenue amounts to determine net income for the year. 3. What is the ending balance of retained earnings after the closing entries are posted? Select the formula and enter the amounts to determine the ending balance of retained earnings after the closing entries are p + + 4 Ending R = = Earni