The following is a list of accounts and amounts reported for Empire Inc., for the fiscal year ended December 31, 2017. The accounts have normal debit or credit balances and the dollars are rounded to the nearest thousand. 

Required: 

1. Prepare an adjusted trial balance at December 31, 2017. Is the Retained Earnings balance of $80,226 the amount that would be reported on the balance sheet as of December 31, 2017? 

2. Prepare the closing entry required at December 31, 2017. 

3. Prepare a post-closing trial balance at December 31, 2017.

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Accounts Payable $ 15,291 Long-Term Debt $ 531 Accounts Receivable 60,914 12,098 Other Assets 27,294 1,288 Accrued Liabilities Other Revenue Accumulated Depreciation 7,315 79,613 Product Cost Expense Property and Equipment Retained Earnings 171,208 34,031 Cash Contributed Capital Income Tax Expense 91,768 11,787 80,226 332,110 Sales Revenue Selling, General, and Administrative Expenses Inventories 27,086 128,694