The following information is available for the Higgins Travel Agency, Inc. After recording these closing entries, what will be the balance in the Retained Earnings account? 
Definitions:
Prices
The amount of money required to purchase a good or service, often determined by supply and demand dynamics.
Consumer Sovereignty
The determination by consumers of the types and quantities of goods and services that will be produced with the scarce resources of the economy; consumers’ direction of production through their dollar votes.
Legislation
Laws or legal statutes passed by a legislative body, governing body, or the process of enacting laws.
Market System
An economic system in which decisions regarding investment, production, and distribution are guided by the price signals created by the forces of supply and demand.
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