Prepare the required closing entries for the following selected accounts from the records of… 1 answer below »

Prepare the required closing entries for the following selected accounts from the records of South-West Transport Inc. at December 31, 2017 (amounts in thousands): How much net income did SouthWest Transport Inc. earn during the year ended December 31, 2017? Prepare a T-account for Retained Earnings to show the December 31, 2017, balance of Retained Earnings?