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Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $200,000, expenses of $111,200, The company paid $24,000 cash in dividends to the
Tara Westmont, the stockholder of Tiptoe Shoes, Inc., had annual revenues of $200,000, expenses of $111,200, The company paid $24,000 cash in dividends to the owner (sole stockholder). The retained earnings account before closing had a balance of $312,000. The entry to close the Income Summary account at the end of the year, after revenue and expense accounts have been closed, is
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