Stockholders Equity section of a balance sheetBretton Publishing Company has the

Stockholders Equity section of a balance sheetBretton Publishing Company has the following selected accounts balances at June 30 2010.Inventory $113000Machinery and equipment 107000Dividends 5000Depreciation expense 10000Rent expense 25000Utilities expense 8000Cost of goods sold 82000Common stock no par with $1.00stated value 1000 sharesauthorized and issued 1000Accumulated depreciation 64000Salary expense 80000Retained earning June 30 2009 120000Sales revenue 2300001. Journalize all required closing entries for the year.2. Calculate the balance in Retained earnings at June 30 2010. Use a T-account to show your calculations.