Refer to the adjusted trial balance for Romney's Marketing Company in M4-8. Prepare the closing entry at the end of the current year.
M4-8
Romney's Marketing Company has the following adjusted trial balance at the end of the current year. No dividends were declared. However, 500 shares ($0.10 par value per share) issued at the end of the year for $3,000 are included below:

Prepare a multistep income statement in good form for the current year. Include earnings per share (rounded to two decimal places).

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Debit 1,500 2,200 100 1,600 2,800 15,290 Credit Cash Accounts receivable Interest receivable Prepaid insurance Long-term notes receivable Equipment Accumulated depreciation Accounts payable Accrued expenses payable Income taxes payable Unearned rent revenue Common stock (800 shares) Additional paid-in capital Retained earnings Sales revenue Interest revenue Rent revenue Wages expense Depreciation ex Utilities expense Insurance expense Rent expense Income tax expense 3,000 2,400 3,920 2.700 500 80 3,620 2,000 38.500 100 800 19,500 1,800 380 750 9,000 2,700 57,620 pense Total 57,620