The General Ledger of Stallion Company contains the following balances as of December 31: Service Revenue $780,000; Salaries Expense $280,000; Rent Expense $114,000, Insurance Expense $52,000; Dividends $120,000; Supplies expense $78,000; and Retained Earnings $570,000. Instructions: A. Prepare the closing entries on December 31. B. Determine the ending balance of Retained Earnings after closing entries.