Midland petroleum is holding a stockholders’ meeting next month. ms. ramsey is the president of the company and has the support of the existing board of directors. all 14 members of the board are up for reelection. mr. clark is a dissident stockholder. he controls proxies for 30,001 shares. ms. ramsey and her friends on the board control 50,001 shares. other stockholders, whose loyalties are unknown, will be voting the remaining 28,998 shares. the company uses cumulative voting.

After all revenue and expense accounts have been closed at the end of the fiscal year, income summary has a debit of $2,450,000 and a credit of $3,000,000. at the same date, retained earnings has a credit balance of $8,222,600, and dividends has a balance of $125,000. required: a. journalize the entries required to complete the closing of the accounts on december 31. refer to the chart of accounts for exact wording of account titles. b. determine the amount of retained earnings at the end of the period.

Partnerships are the most common type of business firms in the world. t/f

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