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How will net income or net loss closed to retained earning

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Reference no: EM132600539

The regal corporations income and expense summary and retained earnings accounts prior to final closimg showed the following postings.

Income & Expense Summary

Dec.31 2006-1,050,00

1,800,000-Dec 31,2006

Retained Earnings

100,000 Jan. 1, 2006

Question 1: How much is the regal corporations net income or loss during 2006 operations?

Question 2: How will net income or net loss be closed to retained earnings account?

Question 3: How much is the balance of retained earnings account as of december 31, 2006?

Reference no: EM132600539

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