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The regal corporations income and expense summary and retained earnings accounts prior to final closimg showed the following postings.
Income & Expense Summary
Dec.31 2006-1,050,00
1,800,000-Dec 31,2006
Retained Earnings
100,000 Jan. 1, 2006
Question 1: How much is the regal corporations net income or loss during 2006 operations?
Question 2: How will net income or net loss be closed to retained earnings account?
Question 3: How much is the balance of retained earnings account as of december 31, 2006?
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