A) How many temporary accounts does Eagles Corp need to close? Answer numerically or spell the number (e.g., 1 or one).

B) What is the balance of retained earnings for Eagles Corp after closing entries are made for 2016? Do not use decimals or dollar signs.

C) What is the effect of Eagles Corp's 2016 closing entries on the basic accounting equation?answers below

		1. Assets: Increase, Liabilities: No Effect, Stockholders Equity: Increase
2.		Assets: No Effect, Liabilities: Decrease, Stockholders Equity: Increase
		3.Assets: No Effect, Liabilities: No Effect, Stockholders Equity: Increase
		4.Assets: No Effect, Liabilities: No Effect, Stockholders Equity: No Effect
		5.None of the above

Presented below is an alphabetical list of 2016 pre-closing account balances of Eagles Corp, a merchandising company. Assume all accounts have normal balances Accounts Accounts Pavable Accounts Receivable Accumulated Depreciation - Buildings Administrative and General Expenses Buildings Cash Common Stock Depreciation Expense - Buildings Dividends (Common Stock) Interest Expense Land Prepaid Rent Retained Earning Sales Revenue Selling Expenses Uneamed Revenue Balance 2,000 4,500 7.000 4,625 36,500 10,000 12,500 1,750 2,000 500 20,000 1,000 Eamings, Beginning Balance for 2016 16,500 . 126,500 45,500 2,125