(Solution) - Prepare the closing entries from the following selected accounts from 173270 -(2025 Original AI-Free Solution)

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Prepare the closing entries from the following selected accounts from the records of North Shore Corporation at December 31, 2012:

How much net income did North Shore earn during 2012? Prepare a T-account for Retained Earnings to show the December 31, 2012, balance of RetainedEarnings.