Spicer Inc. showed the following alphabetized list of adjusted account balances at December 31, 2023:

Required
Assuming normal balances, prepare the closing entries at December 31, 2023, the company’s year-end. Also, calculate the post-closing balance in Retained Earnings at December 31, 2023.

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Accounts Payable Accounts Receivable Accum. Deprec., Equip Accum. Deprec., Warehouse Cash Cash Dividends Common Shares Equipment $ 25,560 Income Tax Expense $ 40,400 115,600 39,000 Land 10,540 Notes Payable, due in 2026 33,400 21,080 Operating Expenses 109,000 8,200 Preferred Shares 39,000 27,520 269,500 126,800 19,400 Retained Earnings 110,000 Revenue 78,200 Warehouse