Using the information provided in BE4- 10, prepare the necessary year- end closing entries for Medical Supplies, Inc.
In BE4- 10
Over the course of 2015, the first year of operations, Medical Supplies, Inc. had the following income transactions: Sales Revenue of $ 4,340,000; Cost of Goods Sold of $ 1,936,000; Wage Expense of $ 876,000; Insurance Expense of $ 324,000; Administrative Expense of $ 414,000; Utilities Expense of $ 192,000; and Selling Expense of $ 42,000. At the end of 2015, the company declared and paid dividends in the amount of $ 62,000. What is the ending balance in the retained earnings account at year- end?