As a team, select an industry to analyze and select a company that interests you. Find its annual report online. Answer the following questions about the company you chose:

Required
1. Refer to the income statement in the annual report of the company you chose. Prepare the required closing entries to:
a. Close the revenue accounts.
b. Close the expense accounts.
2. Refer to your company’s annual report and indicate when the closing entries would be recorded. In other words, what is the fiscal year-end date?