Barnes Building Systems made the following closing entries at the end of a recent year:a. Income Summary ..384,300Retained Earnings .384,300b. Retained Earnings . 35,000Dividends .. 35,000c. Sales Revenue 425,700Income Summary .425,700d. Income Summary .104,100Interest Expense ..104,100 Required:1. What was Barness net income?2. By how much did Barness retained earnings change?3. If the sales revenue identified in entry c was Barness only revenue, what was the total amount of Barness expenses?; Barnes Building Systems made the following closing entries at the end of a recent year:a. Income Summary ..384,300Retained Earnings .384,300b. Retained Earnings . 35,000Dividends .. 35,000c. Sales Revenue 425,700Income Summary .425,700d. Income Summary .104,100Interest Expense ..104,100 Required:1. What was Barness net income?2. By how much did Barness retained earnings change?3. If the sales revenue identified in entry c was Barness only revenue, what was the total amount of Barness expenses?
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