Solomon Corporation's adjusted trial balance for the year ending December 31, 2018, is:

a. Prepare its income statement and statement of stockholders' equity for the current year. and its balance sheet for the current year-end. Cash dividends were $8,000 and there were no stock issuances or repurchases.

b. Prepare entries to close its temporary accounts in journal entry form.

c. Set up T-accounts for each of the ledger accounts. enter the balances above, and post the closing entries to them. After these entries are posted. what is the post-closing balance of the Retained Earnings account?

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SOLOMON CORPORATION Adjusted Trial Balance December 31, 2018 Debit Credit $ 4,000 6,500 78,000 Cash..... ..... Accounts receivable... Equipment Accumulated depreciation Notes pa yable. Common stock. ... . $ 14,000 10,000 43,000 ... .. .... .... Retained earnings Service fees revenue Rent expense. Salaries expense 12,600 71,000 .... 18,000 ..... 37,100 ..... Depreciation expense.. 7,000 Totals ... $150,600 $150,600