(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
Selling, general, and administrative expense
Retained earnings, December 31, 20X1 1,900
Income tax expense
Income tax payable
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.