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Preparation of a Statement of Retained Earnings from Closing Entries

Fisher Corporation reported a Retained Earnings balance of $125,780 on January 1, 2014. Fisher Corporation made the following three closing entries on December 31, 2014. (The entry to transfer net income to Retained Earnings was intentionally omitted.) Prepare a statement of retained earnings for Fisher for the year.

Dec. 31	Service Revenue	65,400
	Interest Revenue	20,270
	Income Summary		85,670
31	Income Summary	62,345
	Salary and Wage Expense		23,450
	Rent Expense		20,120
	Interest Expense		4,500
	Utilities Expense		10,900
	Insurance Expense		3,375
31	Retained Earnings	6,400
	Dividends		6,400

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M91696465

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