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What is the closing entry

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Question - Given

Preferred Stock (8%, $52 par, 11,000 shares authorized) $416,000

Common Stock ($1 stated value, 1,900,000 shares authorized) 1,300,000

Paid-in Capital in Excess of Par-Preferred Stock 120,000

Paid-in Capital in Excess of Stated Value-Common Stock 1,450,000

Retained Earnings1,800,000Treasury Stock (10,500 common shares) 52,500

What is the closing entry? And how to get the answer.

Reference no: EM132341953

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