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The December 31, 2022, adjusted trial balance for ABC Corporation is presented below: Required: How much net income will be reported on the income statement?

The December 31, 2022, adjusted trial balance for ABC Corporation is presented below:

Required:

How much net income will be reported on the income statement? What is the balance of retained earnings on Jan 1, 2022?

Prepare an income statement for the year ended December 31, 2021, and classified balance sheet as December 31, 2021.

Prepare the necessary closing entries at December 31, 2021

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