Use the following to answer questions 34-36 The year-end adjusted trial balance of the Corporation included the following account balances: Retained earnings $500,000 Service revenue 800,000 Salaries expense 500,000 Rent expense 100,000 Interest expense 50,000 Dividends 100,000 Prepare the closing entries. 34. 5 35 $ 36 $ In preparing the closing entries for the temporary accounts, how much should Retained earnings be credited? In preparing the closing entries for the temporary accounts, how much should Retained earnings be debited? After closing the accounts, what is the ending balance in Retained Earnings? Use the following for questions 37-39 The company has provided their accounts in alphabetical order. Use these accounts to answer the following questions Accounts payable $20,000 Accounts Receivable 40,000 Accumulated depreciation 300,000 Cash 60,000 Common stock 200,000 Depreciation expense 50,000 Dividends 25,000 Equipment 755,000 Deferred revenue 40,000 Notes payable 100,000 Rent expense 20,000 Retained earnings 55,000 Salaries expense 425,000 Service revenue 680,000 Supplies 5,000 Supplies expense 15,000 37. S Total current assets 38 $ Book value of the equipment 39. S Net income Chapter 3 Page 3-6