(Answered) All revenue and expense accounts have been closed at the

Accounting

All revenue and expense accounts have been closed at the end of the calendar year for Patton Company. The Income Summary account has total debits of $530,000 and total credits of $600,000. As of the same date, Retained Earnings has a balance of $115,000, and the Dividends account has a balance of $48,000.

1. Journalize the entries required to complete the closing of the accounts.

2. Prepare a retained earnings statement for the year ended December 31, 2015.

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