On 1 January 2025, the equity of Deadwood Pty Ltd consisted of share capital of \($400\) 000 and retained earnings of \($130\) 000. During the period, the company declared and paid a cash dividend of \($35\) 000. The general ledger contains only two income statement accounts — Revenues and Expenses. On 31 December 2025, the financial year-end, the balance in the Revenues account was \($462\) 500 and the balance in the Expenses account was \($431\) 000.

Required

(a) Prepare closing entries.

(b) Show the Retained Earnings account at the end of 2025.

(c) Calculate the total equity of the company at the end of 2025.