Sandhill Ltd. is a private corporation reporting under ASPE. It has recorded all necessary adjusting entries at its fiscal year end, October 31, 2021. The following information has been taken from the adjusted trial balance: Accounts payable Cash dividends-common Common shares Depreciation expense Dividends payable Income tax expense Income tax payable Insurance expense $15,600 81,000 100,000 32,700 22,000 35,360 2,200 6,900 Interest expense Notes payable Rent expense Retained earnings (Nov. 1, 2020) Salaries expense Service revenue Unearned revenue $4,600 78,000 27,000 433,900 201,000 449,000 25,000 All accounts have normal balances and total assets equal $747,000. Sandhill has a 20% income tax rate. Income Statement $ $ $ Prepare a statement of retained earnings for the year. (List items that increase retained earnings first.) SANDHILL LTD. Statement of Retained Earnings $ $ Prepare closing entries. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and Explanation Debit Credit Oct. 31 (To close revenue account.) Oct. 31 (To close expense accounts.) Oct. 31 (To close Income Summary.) Oct. 31 (To close dividends.) Post the closing entries to the Income Summary and Retained Earnings accounts. (Post entries in the order of Journal entry presented in the previous part.) Income Summary Date Explanation Ref. Debit Credit Balance Oct. 31 Closing entry J1 Oct. 31 Closing entry J1 Oct. 31 Closing entry J1 Retained Earnings Date Explanation Ref. Debit Credit Balance Oct. 31 Balance Oct. 31 Closing entry J1 Oct. 31 Closing entry J1