4. (4 points) Presented below are selected account balances for Company as of 12-31-XX: Accounts payable $ 175,000 Retained earnings $3,450,000 Sales revenues $2,600,000 Gain on the sale of a stock investment $10,000 Loss on the sale of a bond investment $ 40,000 Cost of goods sold $ 900,000 Selling and administrative expenses $ 400,000 Interest expense $ 30,000 Income tax expense $ 300,000 Prepare the entry (ONE ENTRY) C should make to close out the temporary accounts. Do NOT use an "income summary" account - close the temporary accounts directly into retained earnings b What is C's retained earnings balance AFTER making the closing entry? a