Bonfiglio Company imports art and artifacts from Italy and Spain
Bonfiglio Company imports art and artifacts from Italy and Spain and sells them in its Bonfiglio Gallery in London. At the end of 20X2 Bonfiglio had the following trial balance:


1. Prepare closing journal entries for Bonfiglio Company.
2. Prepare an income statement for 20X2 and a balance sheet for December 31, 20X2.
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