The adjusted trial balance of Alta Corporation at December 31 shows that sales revenue for that year was $515000 and the other revenue was $55000. cost of goods sold for that same period was $300000, while other expenses totaled $190000. the corporation declared and paid dividends of $20000 during the year. the balance of retained earnings before closing was $470000.

1. prepare the closing entries for revenues, expenses, and dividends for the year.

2. what was the income for the year?

3. what is the ending balance of retained earnings after the closing entries are posted ?