Following are the financial statements for Courtland Corp. at March 31, 2014. Use this information to prepare the closing entries and to calculate the post-closing balance in the Retained earnings account. Use the numbers below as the description for the corresponding closing entry. 1. Close all temporary credit balance accounts to the income summary account. 2. Close all temporary debit balance accounts to the income summary account. 3. Close the income summary (net income) to retained earnings. 4. Close the income summary (net loss) to retained earnings 5. Close dividends to retained earnings Enter the dates in the format dd/mmm (ie. 15/Jan) General Journal Account/Explanation Page GJS F Debit Credit Date + 1 Courtland Corp. Income Statement For Month Ended March 31, 2014 Revenues Interest earned 3,620 Consulting revenue earned 7,720 Total revenues Expenses Depreciation expense, building 800 Salaries expense 14,600 Interest expense 2.910 Total expenses Net loss 11,340 + - 18,310 6,970 + Post-closing balance in Retained earnings = Courtland Corp. Statement of Changes in Equity For Month Ended March 31, 2014 Share Retained Total Capital Earnings Equity Balance, March 1 4,530 15,510 20,040 Issuance of shares 2.100 2,100 Net loss (6,970) (6,970) Dividends (2,480) (2,480) Balance, March 31 6.630 6,060 12,690 4,850 8,600 20,960 2.150 18,810 32.260 Courtland Corp. Balance Sheet March 31, 2014 Assets Cash Accounts receivable Building Accumulated depreciation, building. Total assets Liabilities Salaries payable Long-term notes payable Total liabilities Equity Share capital Retained earnings Total equity Total liabilities and equity. 3.930 15,640 19.570 6,630 6,060 12.690 32,260