(Solution) - Prepare the closing entries from the following selected accounts from -(2025 Original AI-Free Solution)

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Prepare the closing entries from the following selected accounts from the records of Wolf Enterprises at December 31, 2016:

How much net income did Wolf Enterprises earn during 2016? Prepare a T-account for Retained Earnings to show to show the December 31, 2016, balance of Retained Earnings.