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The retained earnings account of Sheon. Inc at the beginning balance of $18, 200. Its records for 2018 show the following information. of 2018 shows

The retained earnings account of Sheon. Inc at the beginning balance of $18, 200. Its records for 2018 show the following information. of 2018 shows a Particulars Dividend declared Dividend come General & Admin. expenses Income taxes, 2018 Interest expense interest income Amount $35,000 4.000 75.000 Particulars Purchases Purchases discounts Sales Sales discount 25.000 9.000 Sales return Amount $300,000 5.000 5,00,000 10,000 10.000 60,000 2,000 Selling expenses The physical inventory on January 01, 2017 was $30,000, and on December 31, 2018 $70,000 Required: a) Prepare income statement for the year 2018, b) Prepare statement of retained earnings for the year 2018. c) Prepare closing entries December 31, 2018. 13

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