Suom Vutture Centre Ltd. (VCL) reported the following data at March 31, 2020, with amounts in thousands (Click the icon to view the account balances) 1. 2. 3. Make the company's dosing entries at March 31, 2020 AT account for Retained Earnings has been opened for you. Post to that account Compare the retained Earnings ending balance to the amount reported on VCL's statement of retained carings and balance sheet What do you find? Why is it important? 1. Make the company's closing entries of Begin by making the closing entry for reven Data Table Jour Accounts Date Mar 31 Retained eaming March 31, 2019 $ 1,300 Cost of goods sold 5 129,000 Accounts receivable 28.000 Cash 1.000 Not ravons 175,500 Property and equipment, not 7.200 Total current abilises 54,000 Share capita 24,000 All other expenses 46,000 Inventories 37,000 Other current assets 4,900 Long-term obis 23.300 Other assets 25.000 Dividends 0 The financial statements show the retained Earings ending balance of March 31, 2020, as $1,800 Now make the closing entry for expenses a Jour Date Accounts Mar 31