How much net income did Ulrich earn during 20X2? (p. 147) Prepare a T-account for Retained Earnings…

(Learning Objective 5: Closing the accounts) Prepare the closing entries from the following selected accounts from the records of Ulrich Corporation at December 31, 20X2:

Cost of services sold

$11,600

Service revenue

$23,600

Accumulated depreciation

17,800

Depreciation expense

4,100

Selling, general, and administrative expense

6,900

Other revenue

600

Retained earnings, December 31, 20X1 1,900

1,900

Dividends

400

Income tax expense

400

Income tax payable

300

How much net income did Ulrich earn during 20X2? (p. 147) Prepare a T-account for Retained Earnings to show the December 31, 20X2, balance of Retained Earnings.

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