Oulette Publishing Company has the following selected account balances atJune 30

Oulette Publishing Company has the following selected account balances atJune 30 2012. Inventory $ 112000Common stock no par with $0.50 Machinery and equipment 108000stated value 900 shares Dividends 8000authorized and issued 450 Depreciation expense 9000Accumulated depreciation 61000 Rent expense 19000Salary expense 85000 Utilities expense 5000Retained earnings June 30 2011 114000 Cost of goods sold 81000Sales revenue 240000Requirements:1.Journalize all required closing entries for the year.2.Calculate the balance in Retained earnings at June 30 2012. Use a T-account to show your calculations.