The adjusted trial balance of Alta Corporation at December 31 shows that sales revenue for the year was $525,000 and other revenue was $57,000. Cost of goods sold for that same period was $295,000, while other expenses totaled $225,000. The corporation declared and paid dividends of $12,000 during the year. The balance of retained earnings before closing entries was $485,000. 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 journal entries.) Begin by recording the entry to close out the revenue accounts. Journal Entry Accounts Date Debit Credit Dec 31 Close out the expense accounts Journal Entry Date Accounts Debit Credit Dec 31 Requirements Close out the Dividends account. Journal Entry Date Accounts Debit Credit Dec 31 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? Print Done 2. What was net income for the year? Select the formula and enter the amounts to determine net income for the year. Net Income 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 posted. Ending Retained Earnings