Question: The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $126,000; Salaries Expense $90,000; Repairs and Maintenance Expense

The income statement for Regina Cleaning Services Ltd. for the year ended November 30 shows Service Revenue $126,000; Salaries Expense $90,000; Repairs and Maintenance Expense $15,000; and Income Tax Expense $4,200. The statement of changes in equity shows an opening balance for Retained Earnings of $50,000 and Dividends $5,000.

(a) Calculate the profit or loss for the year.

(b) Prepare the closing journal entries.

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