Grand Rapids Consulting, Inc., began 2009 with a retained earnings balance of $38,100 and has the following accounts and balances at year-end:

Sales Revenue ............$155,000

Salaries Expense ........... 83,000

Rent Expense ........... 15,000

Utilities Expense ........... 7,900

Office Supplies Expense ........ 4,200

Income Taxes Expense ....... 12,300

Dividends (declared and paid) .... 16,400

Required:

1. Prepare the closing entries made by Grand Rapids Consulting at the end of 2009.

2. Prepare Grand Rapids Consulting’s statement of retained earnings for 2009.