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The adjusted trial balance of Alta Corporation at December 31 shows that sales revenue for the year was $535,000 and other revenue was $45,000. Cost of goods sold for that same period was $300,000, while other expenses totaled $215,000. The corporation declared and paid dividends of $16,000 during the year. The balance of retained earnings before closing entries was $490,000 Read the requirements 1. Prepare the closing entries for revenues, exponses, and dividends for the year (Record debits first, than credits. Exclude explanations from any Journal arties) Begin by recording the entry to close out the revenue accounts Journal Entry Dato Accounts Credit Dec 31 Sales Revenue Other Revenue Retained Earnings Debit Close out the expense accounts Journal Entry Date Accounts Doc 31 Debit Credit Choose from any list or enter any number in the input fields and then continue to the next question Journal Entry Date Accounts Debit Credit Dec 31 2. What was net income for the year? Select the formula and enter the amounts to determine net income for the year, Net Income 3. What is the ending balance of retained earnings after the closing entries are posted? Select the formula and enter the amounts to determine the ending balance of retained earnings after the closing entries are posted Ending Retained Earnings Choose from any list or enter any number in the input fields and then continue to the next question Requirements 1. Prepare the closing entries for revenues, expenses, and dividends for the year. 2. What was net income for the year? 3. What is the ending balance of retained earnings after the closing entries are posted

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