Exercise 1-23A (Algo) Retained earnings and the closing process LO 1-9 As of December 31, Year 3, Flowers Company had total assets of $70,000, total liabilities of $21,000, and common stock of $35,000. The company's Year 3 income statement contained revenue of $12,000 and expenses of $7,000. The Year 3 statement of changes in stockholders' equity stated that $800 of dividends were paid to investors. Required a. Determine the before-closing balance in the Retained Earnings account on December 31, Year 3. b. Determine the after-closing balance in the Retained Earnings account on December 31, Year 3. c. Determine the before-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 3. d. Determine the after-closing balances in the Revenue, Expense, and Dividend accounts on December 31, Year 3., f. On January 1, Year 4, Flowers Company raised $18,000 by issuing additional common stock. Immediately after the additional capital was raised. Flowers reported total stockholders' equity of $67,000. Are the stockholders of Flowers in a better financial position than i they were on December 31, Year 3? Complete this question by entering your answers in the tabs below. Req A and B Req C and D Req F Determine the before-closing balance and the after-closing balance in the Retained Earnings account on December 31, Year 3. a. Retained earnings before-closing b. Retained earnings after-closing Reg A and Req C and D >