Closing entries with net income After all revenue and expense accounts have been closed at the end of t he fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same...

Closing entries with net income After all revenue and expense accounts have been closed at the end of t he fiscal year, Income Summary has a debit of $2,450,000 and a credit of $3,000,000. At the same date, Retained Earnings has a credit balance of $8,222,600 and Dividends has a balance of $125,000.

(A) Journalize the entries required to complete the closing of the accounts.

(B) Determine the amount of Retained. Earnings at me end of the period.