The following information is available for the Higgins Travel Agency, Inc. After these closing entries what will be the balance in the Retained Earnings account?

Net Income $ 59,500
Retained earnings 138,500
Dividends 18,800
$97,800.

$179,200.

$138,500.

$216,800.

$60,200.

$179,200

Explanation:

Given that

Net Income = $59,500

Retained earnings = $138,500

Dividends =  $18,800

So by considering the above information, the ending retained earning balance is shown below:

The ending balance of retained earning = Beginning balance of retained earnings + net income - dividend paid

= $138,500 + $59,500 - $18,800

= $179,200

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