Question: Refer to the adjusted trial balance in Cornerstone Exercise 3-24. Required: 1. Prepare the closing entries for Sparrow Company at December 31, 2009. 2. How

Refer to the adjusted trial balance in Cornerstone Exercise 3-24.

Required:
1. Prepare the closing entries for Sparrow Company at December 31, 2009.
2. How does the closing process affect retained earnings?

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