At December 31, 2021, Cabot Corporation Reports Revenue of

Essay

At December 31, 2021, Cabot Corporation reports revenue of $ 3,500,000 and expenses of $ 2,300,000. During the year, the company declared and paid dividends of $ 400,000. The company had $ 1,500,000 in retained earnings at the beginning of 2021.
Instructions
a) Prepare the closing entries for 2021.
b) Prepare a statement of retained earnings for December 31, 2021.