The adjusted trial balance at June 30, 2013, for Quantas Airlines includes the following selected accounts.

Assume that the company has not yet closed any accounts to retained earnings. Prepare journal entries to close the temporary accounts above. Set up the needed T-accounts and post the closing entries. After these entries are posted, what is the balance of the Retained Earnings account?

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(AUD millions) Total passenger and freight revenue Manpower and staff related ..... Fuel..... Aircraft operating variable Depreciation and amortisation.. Other expenses. Finance costs... Income tax expense. Retained earnings Debits Credits 15,902 3,825 4,154 3,066 1,450 3,203 187 11 1,165