Using the information from RE3-8, prepare Godinger's income statement for the current year. Assume stockholders owned 4,000 shares of Godinger's capital stock during the year.
In RE3-8, Godinger Corporation had account balances at the end of the current year as follows: sales revenue $29,000, cost of goods sold $12,000, operating expenses $6,200 and income tax expense $4,320.
Prepare Godinger's closing entries for the current year.