E12-19 Oulette Publishing Company has the following selected account balances at June 30, 2012

Oulette Publishing Company has the following selected account balances atJune 30, 2012. 

  

 Inventory $   112,000Common stock, no par with $0.50

 Machinery and equipment      108,000stated value, 900 shares 

 Dividends           8,000authorized and issued                  450

 Depreciation expense           9,000Accumulated depreciation            61,000

 Rent expense        19,000Salary expense            85,000

 Utilities expense           5,000Retained earnings, June 30, 2011          114,000

 Cost of goods sold        81,000Sales revenue          240,000

      

Requirements:

 

1.Journalize all required closing entries for the year. 

2.Calculate the balance in Retained earnings at June 30, 2012. Use a T-account to

 show your calculations.