1. Prepare the required closing entries for the following selected accounts from the records of ShipIT Transportation Inc. on December 31, 2016. Cost of services sold $11,600 Accumulated depreciation 17,800 Selling, general, and administrative expense 6,900 Retained earnings, December 31, 2015 1,900 Service revenue 23,600 Depreciation expense 4,100 Other revenue 600 Income tax expense 400 Dividends 400 Income tax payable 300 2. How much net income did Ship!T Transportation Inc. earn during the year ended December 31, 2016? Prepare a T-account for Retained Earnings to show the December 31, 2016 balance of Retained Earnings