Your friend owns Memorial Terrace Rentals and asks for help…

Yоur friend оwns Memоriаl Terrаce Rentаls and asks for help closing the books at December 31, 2027. Account Balance Account Balance Cash $24,500 Service Revenue $41,250 Accounts Receivable $37,800 Sales Revenue $73,400 Supplies $6,200 Cost of Goods Sold $46,500 Prepaid Insurance $9,600 Salaries Expense $30,250 Equipment $68,000 Sales Returns $5,200 Accumulated Depreciation $14,200 Supplies Expense $4,150 Notes Payable $54,000 Depreciation Expense $1,100 Unearned Revenue $15,800 Advertising Expense $2,600 Salaries Payable $12,400 Common Stock $10,000 Retained Earnings (Jan. 1) $18,500 What is the increase in retained earnings resulting from the closing entries?