whats the retained earnings ?

H&H Tool, Inc. Trial Balance on January 1, 2020 Credit Debit 5,000 4,000 27,000 94,000 13,000 8,000 Cash Accounts receivable Supplies Land Equipment Accumulated depreciation (on equipment) Other noncurrent assets (not detailed to simplify) Accounts payable Wages payable Interest payable Dividends payable Income taxes payable Long-tere notes payable Common stock (8,000 shares, $.50 par value) Additional paid-in capital Retained earnings Service revenue Depreciation expense Supplies expense Wages expense Interest expense Income tax expense Miscellaneous expenses (not detailed to simplify) Totals 4,000 96, eee 25,000 138.000 138, eee Transactions during 2020 follow: a. Borrowed $24,000 cash on a 5-year, 10 percent note payable, dated March 1, 2020. b. Purchased land for a future building site: paid cash, $19,000. c. Earned $308,000 in revenues for 2020, including $65.000 on credit and the rest in cash d. Sold 4,000 additional shares of capital stock for cash at $1 market value per share on January 1, 2020. e. Incurred $105,000 in wages expense and $41,000 in miscellaneous expenses for 2020, with $36,000 on credit and the rest paid in cash 1. Collected accounts receivable, $40,000 9. Purchased other assets, $14,000 cash h. Purchased supplies on account for future use, $39,000 L. Pald accounts payable, $38,000 J. Signed a three-year $45,000 service contract to start February 1, 2021 Next > f. Collected accounts receivable, $40,000 g. Purchased other assets, $14,000 cash. h. Purchased supplies on account for future use, $39,000. 1. Pald accounts payable, $38,000. J. Signed a three-year $45,000 service contract to start February 1, 2021 k. Declared cash dividends on December 1, $20,000, which were paid by December 31. 5 of 7 Data for adjusting entries: 1. Supplies counted on December 31, 2020, $30,000. m. Depreciation for the year on the equipment, $15,000. n. Interest accrued on notes payable to be computed) o. Wages earned by employees since the December 24 payroll but not yet pald, $17,000. p. Income tax expense, $14,000. payable in 2021. 6. Prepare the closing entry on December 31, 2020. (If no entry is required for a transaction/event, select "No journal ent required" in the first account field.) Answer is not complete. No Debit Credit 1 308,000 Date General Journal December 31, 202 Service revenue Depreciation expense Income tax expense Interest expense Miscellaneous expenses Wages expense Retained earnings OOOOOO 15,000 14,000 2,000 41,000 122,000 OC 85,000