I need help figuring out where the Retained Earning on the Closing Entries would come from. I can't seem to figure it out. This is all the data I have so far. Help Please!

A Company Closing Entries Qtr ending 12/31/20xx Credit Date Accounts 31-Dec Bakery Sales Merchandise Sales Retained Earnings Debit 60,000.00 221.00 31-Dec Retained Earnings Baking Supplies Expense Rent Expense Wages Expense Office Supplies Expense Business License Expense Office Expense Depreciation Expense Insurance Expense Advertising Expense Interest Expense Telephone Expense COGS 19,400.00 4,500.00 1,956.00 550.00 375.00 250.00 250.00 400.00 200.00 150.00 150.00 157.60 10,000.00 31-Dec Retained Earnings Dividends 10,000.00 A Company Income Statement For Qtr. Ending 12/31/20XX Revenues Bakery Sales Merchandise Sales Total Revenues Cost of Goods Sold Gross Profit 60,000.00 221.00 60,221.00 157.60 60,063.40 Operating Expenses: Baking Supplies Expense Rent Expense Insurance Expense Business License Expense Advertising Expense Wages Expense Telephone Expense Interest Expense Depreciation Expense Office Supplies Expense Misc. Expense 19,400.00 4,500.00 200.00 375.00 200.00 1,956.00 150.00 150.00 208.33 550.00 250.00 Total Operating Expenses: 27,939.33 Net Income 32,124.07 A Company Statement of Stockholder's Equity For Qtr. Ending 12/31/20xx Common Stock Retained Earnings Total Beginning Balances, September 30 0 0 0 Issued Common Stock 30,000.00 30,000.00 Net Income 32,124.07 32,124.07 Dividends (10,000.00) (10,000.00) Ending Balances, December 31: 62,124.07 (10,000.00) 52,124.07 Trial Balance 20xx Unadjusted trial balance Adjusting entries Debit Credit Debit 51,436.75 20,500.00 175.65 1,500.00 1,200.00 5,000.00 600.00 9,700.00 10,000.00 Account Cash Baking Supplies Merchandise Inventory Prepaid Rent Prepaid Insurance Baking Equipment Accumulated Depreciation Office Supplies Accounts Receivable Notes Payable Interest Payable Accounts Payable Wages Payable Common Stock Dividends Bakery Sales Merchandise Sales Baking Supplies Expense Rent Expense Interest Expense Insurance Expense Depreciation Expense Misc. Expense Office Supplies Expense Business License Expense Advertising Expense Wages Expense Telephone Expense COGS 7,000.00 480.00 30,000.00 Adjusted trial balance Credit Debit Credit 51,436.75 19,400.00 1,100.00 175.65 1,500.00 200.00 1,000.00 5,000.00 208.33 208.33 550.00 50.00 9,700.00 10,000.00 150.00 150.00 7,000.00 480.00 30,000.00 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 10,000.00 60,000.00 221.00 19,400.00 4,500.00 150.00 200.00 208.33 250.00 550.00 375.00 200.00 1,956.00 150.00 157.60 Total: 107,701.00 107,701.00 20,508.33 20,508.33 108,059.33 108,059.33 A Company Balance Sheet As of December 31, 20XX Assets Current Assets: Cash Accounts Receivable Prepaid Insurance Prepaid Rent Baking Supplies Merchandise Inventory Office Supplies Total Current Assets Liabilities and Owners' Equity Current Liabilities: Accounts Payable Wages Payable Interest Payable Total Current Liabilities 7,000.00 480.00 150.00 7,630.00 51,436.75 9,700.00 1,200.00 1,500.00 20,500.00 175.65 600.00 85,112.40 Long Term Liabilities: Notes Payable Total Long Term Liabilities: 10,000.00 10,000.00 Total Liabilities: 17,630.00 Shareholder's Equity: Common Stock Dividends 30,000.00 10000 Non-Current Assets: Baking Equipment Accumulated Depreciation Baking Equipment (Net) 5,000.00 (208.33) 4,791.67 Total Equity 40,000.00 Total Assets: 89,904.07 Total Liabilities & Equity 57,630.00