financeThe data for Amanda’s Tax Service, Inc., for the year ended August 31, 2012, follow:
$$
\begin{array}{lrlr}
\text { Cost of goods sold } & \$ 62,000 & \text { Sales revenue } & \$ 125,000 \\
\text { Dividends } & 14,000 & \text { Operating expenses } & 44,000 \\
\text { Interest revenue } & 1,800 & \text { Retained earnings } & 24,000
\end{array}
$$
Requirements
1. Journalize the required closing entries for the year.
2. What is the balance in Retained earnings after the closing entries are posted?